SC clears JSW Steel’s $2.3B (₹19,350 cr) acquisition of Bhushan Power & Steel under Insolvency and Bankruptcy Code, 2016.
Insolvency and Bankruptcy Code (IBC) Latest News
- The Supreme Court of India has approved JSW Steel’s $2.3 billion (₹19,350 crore) acquisition of Bhushan Power and Steel (BPSL), reversing its earlier decision of liquidation.
- This judgment strengthens the Insolvency and Bankruptcy Code (IBC), 2016, by prioritising revival of distressed firms over liquidation.
Understanding Insolvency and Bankruptcy and the IBC
- Insolvency vs Bankruptcy: While insolvency results from an inability to pay debts due to a lack of assets, bankruptcy occurs when an application is presented to an authority declaring insolvency…