On 2 May 2025, the Supreme Court delivered its judgment in respect of the corporate insolvency resolution process of Bhushan Power and Steel Limited (“BSPL”). In a very significant ruling, the apex court rejected the resolution plan of JSW Steel Ltd. (“JSW”) for BSPL and directed the liquidation of the corporate debtor, almost five years after the plan had been approved by the Committee of Creditors and the NCLT and the Resolution Plan had been implemented.

Facts and Background