Reversing its own order, the Supreme Court cleared the path for the acquisition of Bhushan Power and Steel Ltd (BPSL) by JSW Steel in a Rs 20,000-crore deal. In the earlier order, the apex court had directed the liquidation of the bankrupt company.

The Rs 19,700-crore resolution plan furnished by JSW Steel was cleared by a bench led by Chief Justice of India BR Gavai on Friday. The bench said that the company met all the parameters required as a successful resolution applicant under the Insolvency and Bankruptcy Code (IBC). Advertisement

CJI Gavai noted that overturning the consistent views of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) – both of which had upheld JSW’s resolution plan for Bhushan Steel – would have created serious con

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