Supreme Court Friday upheld JSW Steel’s Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL), bringing down curtains to a prolonged legal battle that spanned nearly eight years.

A bench comprising Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran upheld the February 17, 2020 verdict of the National Company Law Appellate Tribunal (NCLAT).

The NCLAT had allowed JSW Steel to acquire BPSL for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate.

“We do not find any merit in the appeals. The appeals are therefore dismissed. The impugned judgment dated 17th February 2020 passed by the NCLAT is upheld,” CJI Gavai, who authored the 136-page judgment for the bench, held and dismissed challenges to

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