Supreme Court Upholds JSW Resolution Plan for Bhushan Power and Steel

The Supreme Court on Friday dismissed appeals challenging JSW Steel’s 19,700 crore resolution plan for Bhushan Power and Steel Limited (BPSL) (Kalyani Transco v. Bhushan Power & Steel Limited). A Bench of Chief Justice of India (CJI) BR Gavai and Justices Satish Chandra Sharma and Vinod Chandran said, "We have held that the delay is not attributable to CoC or SRA. They have been trying to sort it out and enforce the resolution plan. We have held that CCDs issued by SRA are to be treated as equity. Commercial wisdom cannot be interfered with...Once the resolution plan to be approved by CoC, permitting any claims to be reopened will amount to committing violence on provisions of law." It also noted that JSW invested huge amounts in making BPSL a profit-making company and cannot