LawLoveLegal

Background of the Dispute The case arose out of a Memorandum of Understanding (MoU) dated 09.04.2014 between HLV Limited (formerly Hotel Leelaventure Pvt. Ltd.) and PBSAMP Projects Pvt. Ltd. . The agreement related to the sale of land at Banjara Hills, Hyderabad, where PBSAMP paid ₹15.5 crore as advance . When disputes emerged, the MoU was terminated, and arbitration proceedings began.

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 ...