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JSW Steel's BPSL Deal Review Petition: Examining Supreme Court Scrutiny In Insolvency-Driven Acquisitions




Harini S, LLB, Sathyabama Institute of Science & Technology, Chennai


ABSTRACT


The Supreme Court's rejection of JSW Steel's ₹19,700 crore resolution plan for Bhushan Power & Steel Limited (BPSL) in May 2025 represents a watershed moment in India's insolvency jurisprudence. This paper examines the legal implications of the Court's decision to prioritize procedural compliance over commercial wisdom, analysing its impact on the Insolvency and Bankruptcy Code's (IBC) objectives of maximizing asset value and ensuring efficient resolution processes. Through comprehensive analysis of the BPSL case and its subsequent review petition, this paper explores the tension between judicial oversight and the commercial discretion of committees of creditors (CoC), evaluating whether the Supreme Court's approach serves the broader interests of India's insolvency framework or creates unnecessary uncertainty for future acquisitions.


Keywords: Insolvency and Bankruptcy Code, Commercial Wisdom, Committee of Creditors, Corporate Insolvency Resolution Process



Indian Journal of Law and Legal Research

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Abbreviation: IJLLR

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ISSN: 2582-8878

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Website: www.ijllr.com

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Accessibility: Open Access

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License: Creative Commons 4.0

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Submit Manuscript: Click here

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Licensing: ​

 

All research articles published in The Indian Journal of Law and Legal Research are fully open access. i.e. immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

 

Disclaimer:

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The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the IJLLR or its members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the IJLLR.

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