New Delhi, May 4 -- On 2 May, the Supreme Court sentshockwaves through India's insolvency ecosystem with a surprise ruling that overturned a resolution plan approved five years ago for Bhushan Power and Steel Ltd (BPSL), sending the company into liquidation.

On the receiving end of the ruling wasJSW Steel Ltd. The company, among India's largest steelmakers, acquired BPSL through a winning Rs.19,000 crore bid in 2021, injected capital, integrated operations, and gained control of its assets, but now finds its plans quashed.

A Supreme Court bench led by Justices Bela Trivedi and Satish Sharma effectively mandated the liquidation of BPSL, marking a dramatic end to the longest-running insolvency case under India's Insolvency and Bankruptcy ...