THE SUPREME COURT Friday rejected steel major JSW Steel Ltd’s Rs 19,000 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.
JSW acquired BPSL in March 2021 under the Insolvency and Bankruptcy code. JSW Group Chairman and Managing Director Sajjan Jindal had then said that the acquisition had helped the group make an entry into Odisha and east India.
A bench of Justice Bela Trivedi and Justice Satish Chandra Sharma quashed and set aside the September 5, 2019, National Company Law Tribunal order and February 17, 2020, National Company Law Appellate Tribunal (NCLAT) order upholding JSW’s resolution plan.
