NEW DELHI: In a decision that could have a salutary bearing on the Insolvency and Bankruptcy Code (IBC), Supreme Court on Friday reversed its eyebrow-raising May 2 verdict, directing liquidation of bankrupt Bhushan Power and Steel Limited, to put back in place the National Company Law Appellate Tribunal's Feb 2020 decision to allow Sajjan-Jindal-led JSW Steel revive the failed entity. A bench of Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran reversed the decision of a two-judge bench led by Justice Bela M Trivedi, since retired, accepting arguments of solicitor general Tushar Mehta, who appeared for the Committee of Creditors, and senior advocate Neeraj Kishan Kaul for JSW, which invested Rs 20,000 crore to revive BPSL and make it a profit-making comp

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