Overview

• A three‑judge bench led by Chief Justice B. R. Gavai restored JSW Steel’s implemented plan, upholding prior NCLT and NCLAT approvals.
• The court dismissed objections by ex‑promoters and certain creditors, cautioning against reopening issues not contained in the RfRP or the approved plan.
• Lenders’ demands exceeding ₹6,000 crore for EBITDA during CIRP and delay interest were rejected, with the court saying such profits are not payable unless expressly provided.
• Judges noted delays were driven by ED asset attachments and recognized that JSW turned BPSL from loss‑making to profit‑making, which should not attract penalties.
• Creditors retain about ₹19,350 crore already distributed, a result that reaffirms CoC primacy under the IBC and favors resolution over liquidation.