The Supreme Court’s order on Bhushan Power and Steel’s (BPS) insolvency resolution has set back the country’s bankruptcy law. The country’s top court overturned JSW Steel’s bid for BPS six years after it was approved by the National Company Law Tribunal and four years after the National Company Law Appellate Tribunal gave its go-ahead. Meanwhile, its two most recent audited results show that BPS generated over Rs 20,000 crore in annual revenues, with a profit of over Rs 600 crore in 2023-24. The company has undertaken a massive capacity expansion, with plans to raise output by more than two-fifths to 5 million tonnes per annum. All of this now faces an unexpected uncertainty.
The Supreme Court has cited several reasons for…
