‘Invested Huge Amounts In Modernisation’, SC Upholds JSW Steel’s Rs 19,700 Cr Takeover Of BPSL

ETV Bharat / bharat

‘Invested Huge Amounts In Modernisation’, SC Upholds JSW Steel’s Rs 19,700 Cr Takeover Of BPSL

The apex court refused to entertain challenges raised by former promoters of BPSL and certain other creditors.

New Delhi: The Supreme Court on Friday decided to overturn its May 2 order, which directed the liquidation of Bhushan Power and Steel Ltd (BPSL), and rather upheld JSW Steel Ltd's Rs 19,700-crore resolution plan for the debt-ridden company, saying JSW invested huge amounts in modernisation and expansion of the entity, and thousands of employees have been earning their livelihood.

The judgment was delivered by a bench led by Chief Justice of India B R Gavai and comprising justices Satish Chandra Sharma and K Vinod Chandran. With this verdict, the apex cou