India, Sept. 26 -- The Supreme Court on Friday revived JSW Steel Ltd's Rs.19,700 crore resolution plan for Bhushan Power and Steel Ltd (BPSL), reversing its May verdict that had directed liquidation of the debt-laden company. In its judgment, the court reaffirmed the sanctity of committee of creditors (CoC) decisions and sought to bring much-needed clarity to one of the most contentious chapters in India's bankruptcy regime.

A bench led by Chief Justice of India Bhushan R Gavai held that JSW Steel's plan, approved by over 97% of lenders in 2018 and cleared by both the NCLT and NCLAT, could not be invalidated merely because its implementation was delayed by circumstances beyond the bidder's control.

The bench, also comprising justices Sa...