The Supreme Court, in a judgment on Friday, upheld a National Company Law Appellate Tribunal (NCLAT) February 2020 approval of JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power and Steel (BPSL).

In May, the apex court had rejected a resolution plan submitted by JSW Steel for BPSL and ordered liquidation proceedings to be initiated. A Special Bench of the court had recalled this order in July and set about to re-hear the appeals.

The case involves challenges to the resolution plan for BPSL, with operational creditors like Kalyani Transco having a stake.

In a judgment authored by Chief Justice of India BR Gavai, the apex court held that JSW Steel in its role as Successful Resolution Applicant had managed a turnaround and converted a “substantial” loss-making entity into a profit

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