On 11.08.2025, the Hon’ble Supreme Court’s Bench comprising the Hon’ble Chief Justice, Hon’ble Mr. Justice Satish Chandra Sharma, and Hon’ble Mr. Justice K. Vinod Chandran resumed hearing in the batch of appeals arising from the approval of JSW Steel’s resolution plan for Bhushan Power and Steel Limited (“BPSL”), which had been cleared by the Committee of Creditors (“CoC”) during the Corporate Insolvency Resolution Process (“CIRP”). The present proceedings follow the Supreme Court’s Order dated 31.07.2025, whereby review petitions filed by JSW Steel, the CoC, and others were allowed, recalling the earlier direction to send BPSL into liquidation on account of alleged delay in implementing the resolution plan. At the outset, Ld. Solicitor General Mr. Tushar Mehta, appearing for the CoC, addressed the treatment of EBITDA earned during the CIRP, contending that such amounts should accrue to the financial creditors unless the Request for Resolution Plan (“RFRP”) specifically provides otherwise. He stressed that the CoC’s commercial wisdom in this regard is non‐justiciable and that the CoC continues to subsist in law until final adjudication by the Supreme Court under Section 62 of the Insolvency and Bankruptcy Code, 2016 (“IBC”). In this context, he reiterated the CoC’s claim for approximately Rs. 3,569 crore towards EBITDA and around Rs. 2,500 crore towards delay interest, referring to the CoC’s resolution dated 06.08.2025 seeking recovery from JSW Steel. Thereafter, Ld. Senior Counsel Mr. Neeraj Kishan Kaul, for JSW Steel, in crux submitted that no delay in plan implementation was attributable to JSW Steel. He submitted that the two‐year delay was caused entirely by the Directorate of Enforcement’s provisional attachment of BPSL’s assets, lifted only on 11.12.2024. He pointed out that plan implementation had commenced as early as March 2021 after an escrow arrangement was reached after continuous communications with CoC, under which it was agreed by CoC that the upfront payment would be refunded if the ex‐promoters’ appeal succeeded. On the EBITDA issue, he argued it does not constitute distributable profits, particularly where BPSL incurred losses in 2019–21 despite a positive EBITDA, and relied on the Supreme Court’s decision in Essar Steel to contend that since in the present matter the RFRP is silent on the matter, thus, it forecloses any claim from The COC. He also criticised the CoC’s reversal from its earlier stand on EBITDA, where it was stated that it should remain with the corporate debtor. He contended that the ex-promoters had no locus standi to raise any of the points being argued by them. In rejoinder, Ld. Senior Counsel Mr. Dhruv Mehta, for the ex‐promoters, argued that promoters, being both stakeholders and guarantors, have the locus to object to the plan. He submitted that the CoC becomes functus officio once the plan is approved by the NCLT, and that the present proceedings before the Hon’ble Supreme Court are a continuation of the NCLAT appeal, not fresh proceedings. He contended that the monitoring committee is not the CoC and has no statutory powers, and that any purported continuation of CoC powers post‐approval would be contrary to settled law. With the conclusion of rejoinder submissions, the matter was reserved for judgment. The Committee of Creditors was represented by Mr. Tushar Mehta, Ld. Solicitor General of India (“Ld. SG”) along with Mr. Raunak Dhillon of Cyril Amarchand Mangaldas. JSW Steel Ltd. was represented before the Hon'ble Supreme Court by Senior Advocates Mr. Neeraj Kishan Kaul and Mr. Gopal Jain, along with a legal team from *Karanjawala & Co.*, including Ms. Nandini Gore (Senior Partner), Ms. Tahira Karanjawala (Partner), Ms. Swati Bhardwaj, Mr. Akarsh Sharma, Mr. Shreyas Maheshwari, Ms. Manvi Rastogi, Ms. Sharanya Ghosh, and Ms. Mahek Karanjawala and a team of AZB & Partners led by Mr. Rajendra Barot, Senior Partner along with Mr. Vivek Shetty, Mr. Suharsh Sinha, Ms. Sherna Doongaji and Mr. Akhilesh Menezes. The Resolution Professional was represented by Mr. Navin Pahwa, Ld. Senior Counsel along with Mr. Shardul S. Shroff. Mr. Dhruv Mehta represented the ex-promoter, Mr. Sanjay Singhal.