SC raps ex-promoters of BPSL for delay, upholds JSW’s resolution plan

CJl underscored that the former BPSL promoters’ actions were not aimed at constructive participation, but rather at frustrating its timely conclusion

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The Supreme Court on Friday made scathing observations on the conduct of Bhushan Power and Steel Ltd’s (BPSL) former promoters, led by Sanjay Singal, accusing them of systematically attempting to stall the corporate insolvency resolution process (CIRP).

The observations were made in a judgment delivered by a bench of Chief Justice of India (CJl) B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran while upholding JSW Steel’s Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Ltd.