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Introduction In a landmark decision, the Supreme Court of India has restored JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power & Steel Ltd (BPSL). The ruling reverses the Court’s own May 2025 verdict that had ordered liquidation of the debt-ridden company, thereby reaffirming the sanctity of India’s Insolvency and Bankruptcy Code (IBC). This judgment brings clarity to one of the most contentious insolvency cases in recent years and ensures stability for lenders, resolution applicants, and the insolvency ecosystem at large. Background: The BPSL Insolvency Bhushan Power & Steel Ltd (BPSL), part of the group of 12 large corporate defaulters identified by the Reserve Bank of India in 2017, defaulted on loans exceeding ₹47,000 crore. Following a competitive bidding process, JSW Steel emerged as the top bidder in 2018, offering ₹19,700 crore. The plan received approval from 97% of lenders, was cleared by the National Company Law Tribunal (NCLT) in 2019, and upheld by ...

India's Forex Reserves Reach Record High of USD 675 Billion India's foreign exchange reserves have surged to a record high of USD 675 billion, with a notable increase of over USD 50 billion in 2024 alone. The latest figures, released for the week ending August 2, show a rise of USD 7.533 billion, pushing the reserves to a new peak of USD 674.919 billion, surpassing the previous record of USD 670.857 billion.  What Are Foreign Exchange Reserves? Foreign exchange reserves (forex reserves) are assets held by a nation's central bank or monetary authority. They are typically held in reserve currencies such as the US Dollar, Euro, Japanese Yen, and Pound Sterling. These reserves are used to manage the exchange rate and ensure economic stability. Importance for Developing Economies For a developing nation like India, forex reserves play a crucial role in maintaining economic stability. Key functions include: - Buffer Against External Shocks: Adequate reserves help cushion the eco...