Overview

• A bench led by Chief Justice B.R. Gavai with Justices S.C. Sharma and K. Vinod Chandran delivered the ruling after an open-court rehearing.
• The Court recalled its May 2 order that had quashed the plan and directed liquidation, then upheld the prior approvals by the NCLT and NCLAT.
• It ruled that delay alone cannot invalidate a resolution plan, noting that enforcement proceedings under the PMLA contributed to the implementation lag.
• Ex-promoters were held to have standing to challenge but lost on merits, as the Court affirmed the primacy of the Committee of Creditors and said the CoC’s role continues through implementation.
• The judgment preserves JSW’s ₹19,700 crore resolution, with the Court recording substantial investments that turned BPSL into a profitable entity and warning against late-stage judicial undoing of approved plans.