IBC gets a wake-up call: SC reaffirms law over commercial expediency

The Supreme Court overturned JSW Steel's resolution plan for Bhushan Power & Steel, emphasizing legal compliance over commercial interests. The court cited procedural lapses, non-disclosures, and payment delays, highlighting the importance of transparency and adherence to IBC timelines. This ruling underscores the judiciary's commitment to upholding the integrity of insolvency proceedings and creditor protection.