The Supreme Court on Friday held JSW Steel Ltd’s acquisition of Bhushan Power & Steel Ltd as illegal and ordered the liquidation of the beleaguered steelmaker.
In an order, the apex court ordered that the resolution plan submitted by JSW Steel in 2019 be rejected. JSW Steel had won the bid to acquire Bhushan Power & Steel under the insolvency and bankruptcy code for a little less than Rs 20,000 crore. It had beaten Tata Group and UK-based Liberty Group to win the asset. The acquisition was later concluded in 2021.
At the time, this was the second largest acquisition under the IBC.
Bhushan Power & Steel was one of the 12 companies shortlisted by the Reserve Bank of India in 2017 for insolvency proceedings. Bhushan Power owed its lenders…
