Supreme Court Upholds JSW Steel's Resolution Plan for Bhushan Power and Steel, Preserving IBC Code Integrity

The Hon’ble Supreme Court has dismissed the appeals filed by the erstwhile promoters and certain operational creditors of Bhushan Power and Steel Ltd. (BPSL) and upheld the judgement of the National Company Law Appellate Tribunal dated 17.02.2020. This landmark judgement concerning one of the largest corporate resolutions in the history of the Insolvency and Bankruptcy Code, 2016 (IBC Code) preserves the integrity and sanctity of the IBC Code by upholding the finality of implemented resolution plans by successful resolution applicants. The Hon’ble Supreme Court noted the substantial efforts of JSW Steel in resolving and turning around BPSL as a profit-making company.