The Supreme Court declared JSW Steel’s resolution plan for BPSL illegal and ordered liquidation — four years after approval
The court flagged failures across
Resolution Professional
Committee of Creditors
NCLT for clearing a flawed plan
Banks recovered ₹19,350 crore
Now, they may need to return it — and provision for losses, denting profits
IBC aims to revive firms, not liquidate them
This order destroys value and may hurt business sentiment
Could the court have ordered a rebid instead of liquidation — with penalties on those at fault?
The case highlights gaps in the IBC process
The Centre must act to restore trust in India’s bankruptcy framework