The Supreme Court of India has rejected JSW Steel’s much-publicized resolution plan for Bhushan Power and Steel Limited (BPSL), ordering the liquidation of the debt-ridden company. This verdict, delivered by a bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma, comes four years after JSW Steel completed its acquisition of BPSL under the Insolvency and Bankruptcy Code (IBC). The court’s decision is a major blow to JSW Steel, which is led by Sajjan Jindal. The company had hoped that the acquisition would increase its operational capacity and strengthen its position in eastern India.
The Supreme Court found that the resolution plan, valued at ₹19,700 crore, was “illegal” and in direct violation of the IBC…
