Highlights
- The Supreme Court of India has reaffirmed the importance of legal compliance in corporate insolvency proceedings by setting aside the resolution plan submitted by JSW Steel for Bhushan Power & Steel Limited, emphasising that commercial convenience cannot override statutory obligations.
- The judgment revealed significant procedural lapses and non-disclosures by JSW Steel, including the failure to disclose a critical Joint Venture Agreement, which raised eligibility concerns under Section 29A of the Insolvency and Bankruptcy Code.
- The Supreme Court invoked Article 142 of the Constitution to order the liquidation of Bhushan Power & Steel Limited, marking a significant shift in…
