The Supreme Court on Friday upheld steel major JSW Steel Ltd’s Rs 19,000 crore bid to acquire Bhushan Power and Steel Ltd (BPSL) through the Corporate Insolvency Resolution Process (CIRP) route.

A bench of Chief Justice of India B R Gavai and Justices S C Sharma and K Vinod Chandran upheld the February 17, 2020, National Company Law Appellate Tribunal (NCLAT) order, which approved JSW’s resolution plan. JSW had acquired BPSL in March 2021 under the Insolvency and Bankruptcy Code (IBC).

On May 2, 2025, an SC bench of Justices Bela Trivedi and S C Sharma quashed, and set aside the NCLAT order, saying the Resolution Plan approved by the CoC (Committee of Creditors) was “not in conformity with the provisions…of the IBC.” Exercising suo motu powers under Article 142, the court also direct

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