The Supreme Court on Friday overturned its earlier decision ordering liquidation of Bhushan Power and Steel (BPSL) , restoring approval to JSW Steel’s Rs 19,700-crore resolution plan.

The bench headed by Chief Justice BR Gavai, along with Justices SC Sharma and K Vinod Chandran, stressed that the commercial wisdom of creditors must be given primacy and not interfered with lightly. It also criticised attempts by erstwhile promoters to stall the proceedings, noting that they had lost control of the company once insolvency was initiated.

Upholding creditor’s commercial wisdom and finality

The ruling brings an end to months of uncertainty triggered by a two-judge bench verdict on May 2, which had scrapped the JSW plan on grounds of delay in implementation and the use of optionally con

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