Reversing its earlier decision, the Supreme Court on Friday upheld the JSW Steel’s Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL).

“We do not find any merit in the appeals. The appeals are, therefore, dismissed,” a Bench of Chief Justice of India BR Gavai, Justice Satish Chandra Sharma and Justice K Vinod Chandran said, rejecting the objections raised by ex-promoters and certain creditors of BPSL.

Dismissing appeals challenging JSW’s Rs 19,700 crore resolution plan for BPSL, the top court upheld the February 17, 2020, impugned judgment of the National Company Law Appellate Tribunal (NCLAT).

Noting that JSW invested huge amounts in making BPSL a profit-making company, the Bench said it cannot be penalised for doing so.

Allowing the appeals challen

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