The Supreme Court’s verdict ordering the liquidation of Bhushan Power and Steel (BPSL) has reignited uncertainty over one of India’s largest insolvency resolutions, dragging the acquirer JSW Steel into potentially a complex legal and financial quagmire, say experts.
The apex court on May 2 rejected JSW Steel’s resolution plan to acquire Bhushan Power and Steel, four years after the takeover was completed, ordering liquidation of the debt-ridden firm. Shares of JSW Steel ended the trading session sharply lower by close to six percent, following the verdict.
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Despite having successfully completed the acquisition and operated the company since 2021, JSW Steel…
