Undoing an error: The Bhushan Steel judgement

The Court's decision to restore the Bhushan Steel takeover makes clear that the Insolvency and Bankruptcy Code is a framework for revival, not destruction. We look at how the Review Bench acknowledged delays caused by external factors (like the ED and former promoters) and reaffirmed two core principles: the supremacy of the Committee of Creditors’ commercial wisdom and the narrowed locus of former promoters to stall the process