Harsh Vardhan, Senior Adviser at Bain & Company, has criticised the Supreme Court’s decision to liquidate Bhushan Power and Steel, calling it an excessive and commercially impractical remedy.
“You have a ₹25,000 crore revenue asset, which is profitable, that you are going to put into liquidation. I mean, it makes very little commercial sense to be honest,” Vardhan said, reacting to the apex court’s May 2 verdict that overturned the four-year-old JSW Steel’s acquisition of Bhushan Power and ordered its liquidation.
The Supreme Court came down hard on all stakeholders involved in the resolution process, flagging several procedural violations — from delayed payments and missed timelines to lack of mandatory disclosures — and…
