New Delhi, Sept. 26 -- In a win for JSW Steel Ltd, the Supreme Court has approved the company's Rs.19,700 crore plan to take over bankrupt Bhushan Power and Steel Ltd, marking the end of one of India's longest-running insolvency battles.

The court rejected a challenge from dissenting creditors, saying the decisions of the committee of creditors (CoC) must be respected under the Insolvency and Bankruptcy Code (IBC).

A special bench led by Justice B.R. Gavai, along with Justices Satish Chandra Sharma and K. Vinod Chandran, noted that JSW Steel has made BPSL profitable and upheld earlier approvals by the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT).

The bench had reserved its order on 11 Aug...