India, March 3 -- The Supreme Court ruling in the SKS Power insolvency matter has brought finality to a long-running contest over control of the company, while also casting fresh light on the role of former promoter Anil Gupta in the background of the dispute.

The case arose from the corporate insolvency resolution process of SKS Power Generation (Chhattisgarh) Ltd., where multiple bidders had submitted resolution plans, namely Torrent Power, Jindal Power, Vantage Point Pte and Sarda Energy and Minerals Ltd.

Post an extensive bidding and clarification process, the Committee of Creditors approved the plan submitted by Sarda Energy and Minerals Ltd. with full voting support. That decision was challenged by unsuccessful applicants, but the...