India’s Supreme Court has temporarily halted the liquidation process of Bhushan Power and Steel (BPSL), offering a potential reprieve to JSW Steel just weeks after its $2.3 billion acquisition deal was scrapped.
The decision comes in response to a request by JSW Steel and a group of BPSL’s creditors, who informed the court of their intent to file a review petition against the May 2 ruling that invalidated the acquisition and ordered the company’s liquidation. That earlier verdict, delivered after a prolonged legal battle, had thrown India’s insolvency and bankruptcy framework into uncertainty—particularly among investors eyeing distressed assets.
In its Monday order, the Supreme Court paused proceedings at the National…
