Bhushan Power Insolvency: Supreme Court Accepts JSW Steel's Order Review, Upholds Acquisition

The Supreme Court order acknowledged that BPSL has been transformed from a lossmaking to a profit-making entity by JSW Steel. (Image: NDTV Profit) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The Supreme Court on Friday accepted JSW Steel Ltd.'s review of order on Bhushan Power & Steel Ltd. A bench comprising Chief Justice of India BR Gavai, Justices SC Sharma and K Vinod Chandran junked a previous order by a two-judge bench reversing JSW's acquisition of the bankrupt firm for Rs 19,700 crore.

The apex court also rejected the objections raised by the ex-promoters and certain creditors of BPSL. "Permitting the erstwhile promoters or the CoC to raise an argument in that regard at such a belated stage would amount to doing violence to the very intention with which the IBC