Overview

• A three-judge bench led by Chief Justice B. R. Gavai upheld the NCLT and NCLAT approvals, keeping JSW Steel in control of Bhushan Power & Steel.
• Objections from former promoters and certain creditors were rejected as the court warned that reopening settled terms would undermine the IBC process.
• Lenders’ push for over ₹6,000 crore from CIRP-period EBITDA and delay-related interest was held outside the approved resolution plan.
• Implementation delays were recognized as stemming from enforcement attachments and extended litigation rather than non-compliance by JSW.
• The ruling preserves recoveries already paid under the plan and is seen as restoring predictability for future IBC bidders, with JSW shares ticking higher after the verdict.