Overview

• The special bench of CJI B. R. Gavai with Justices S. C. Sharma and K. Vinod Chandran upheld the NCLT and NCLAT approvals and set aside the May 2 order that had directed liquidation.
• The court rejected objections from ex-promoters and certain creditors, warning that belated challenges would undercut the insolvency framework’s intent.
• Lenders’ claims exceeding ₹6,000 crore for CIRP-period EBITDA and delay interest were denied, as such recoveries were not provided for in the approved plan.
• The judgment recorded that JSW turned BPSL from loss-making to profitable and found implementation delays were driven by enforcement proceedings, with CoC primacy extending through implementation.
• Creditors keep the ₹19,350 crore already paid, reversing the disruption triggered by the May ruling and restoring finality and stability to resolved IBC cases.