Supreme Court recalls judgment liquidating Bhushan Power; JSW resolution plan to be considered afresh

The Supreme Court has recalled its judgment that had ordered the "liquidation of Bhushan Power & Steel Limited (BSPL)," directing that the "JSW resolution plan be considered afresh." This landmark decision is a significant development in a long-standing IBC case. The court acknowledged that its earlier judgment did not correctly consider the legal position and various factual aspects. This new ruling reopens the case, providing a fresh opportunity for the resolution plan to be evaluated and potentially saving the company from liquidation.