New Delhi, Sept. 29 -- For years, Bhushan Power & Steel was caught in a web of debt, lawsuits, and money-laundering investigations as it tried to navigate India's insolvency proceedings. On 26 September, the Supreme Court cut through the uncertainty, affirming JSW Steel's takeover of the bankrupt company and sending a clear message: India's bankruptcy process works-and works decisively.

The ruling is more than a closure of a prolonged corporate rescue. In a judgment closely watched by lenders and investors, the court reaffirmed the finality of approved insolvency plans, clarified the interplay between the Insolvency and Bankruptcy Code (IBC) and the Prevention of Money Laundering Act (PMLA) once a plan is cleared, and shut the door on la...