JSW STEEL'S TAKEOVER OF BPSL CLEARED

The SC on Friday upheld JSW Steel's ₹19,700 crore resolution plan for Bhushan Power and Steel Limited (BPSL), dismissing appeals against the plan.

- FPJ News Service

A Bench of CJI BR Gavai and Justices Satish Chandra Sharma and Vinod Chandran said the delay was not attributable to the Committee of Creditors (CoC) or the successful resolution applicant (SRA). It said the compulsory convertible debentures (CCDs) issued by SRA are to be treated as equity and commercial wisdom of the CoC 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 said. It noted that JSW invested huge amounts to make BPSL a profit-making company and could not be penalised for doing so, Live Law reported.