‘ } CompaniesKrishna Yadav 8 min read 04 May 2025, 07:05 PM ISTSome legal experts say JSW Steel may seek a review of the Supreme Court’s judgment overturning the resolution plan approved five years ago for Bhushan Power and Steel. (Reuters)Summary The Supreme Court’s ruling is a huge blow not only for JSW Steel, which owns a majority stake in Bhushan Power, but also raises several questions about India’s insolvency process. On 2 May, the Supreme Court sent shockwaves through India’s insolvency ecosystem with a surprise ruling that overturned a resolution plan approved five years ago for Bhushan Power and Steel Ltd (BPSL), sending the company into liquidation. On the receiving end of the ruling was JSW Steel Ltd. The company, among India’s largest steelmakers, acquired BPSL through a winning ₹19,000 crore bid in 2021, injected capital, integrated operations, and gained control of its assets, but now finds its plans quashed. A Supreme Court bench led by Justices Bela Trivedi and Satish Sharma effectively mandated the liquidation of BPSL, marking a dramatic end to the longest-running insolvency case under India’s Insolvency and Bankruptcy Code. Mint breaks down the key aspects of the judgment, the reasons behind it, its immediate fallout, and why this ruling could redefine India’s insolvency resolution landscape.What did the Supreme Court rule?The Supreme Court invalidated JSW Steel’s ₹19,350 crore resolution plan for Bhushan Power and Steel Ltd citing violations of key provisions of the Insolvency and Bankruptcy Code. The ruling was passed on several pleas opposing JSW Steel’s plan, including those filed by former promoter Sanjay Singal, operational creditor Kalyani Transco, and the state of Odisha. The apex court found JSW Steel had delayed implementation, failed to make mandatory payments to creditors, and attempted to bypass obligations. It also criticized the committee of creditors (CoC) for approving the plan. Using Section 142 of the IBC, the court directed the National Company Law Tribunal (NCLT) to initiate fresh liquidation proceedings, effectively ending any chance of BPSL’s revival under the existing resolution plan. “There was a dishonest and fraudulent attempt made by JSW, misusing the process of the Court by not making the upfront payments as committed by it for about two and a half years and thereby enriching itself unjustly, and thereafter considering the rising prices of steel in the market, JSW sought to comply with the terms of Resolution Plan at a very belated stage, in collusion with the CoC and the Resolution Professional,” the Supreme Court stated in its judgement.What were the specific reasons behind the decision?The Supreme Court cited several serious lapses to justify its decision to scrap JSW Steel’s resolution plan for Bhushan Power and Steel and order liquidation:A clear violation of statutory in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.