Bhushan Power: Supreme Court slams JSW for dishonest, fraudulent conduct; says resolution plan violated IBC

The Supreme Court strongly criticized JSW Steel for "dishonest and fraudulent conduct" in the Bhushan Power resolution case, finding its plan violated IBC provisions. The court ordered liquidation, emphasizing that resolution plans must strictly adhere to the creditor hierarchy and cannot benefit from fraudulent claims. This judgment reinforces the IBC's integrity by prioritizing transparent, rule-based insolvency processes over commercial expediency, setting strict standards for corporate rescues.