The Supreme Court on Friday rejected steel major JSW Steel Ltd’s Rs 19,350 crore bid to acquire Bhushan Power and Steel Ltd (BPSL) through the Corporate Insolvency Resolution Process (CIRP) route, and ordered the liquidation of the company. While ordering the liquidation, the biggest in the corporate history, a bench of Justice Bela Trivedi and Justice Satish Chandra Sharma lambasted the delay on the part of JSW Steel to implement the resolution plan and said the Committee of Creditors (CoC) failed to exercise its commercial wisdom while approving the Resolution Plan.
JSW Steel, controlled by Sajjan Jindal, and lenders are likely to go for appeal against the SC order as both the parties will suffer a setback if liquidation of BPSL is…
