Summary:
- The Supreme Court invalidated JSW Steel’s acquisition of Bhushan Power and Steel, citing violations of India’s insolvency laws and significant procedural lapses.
Introduction
The Supreme Court of India recently delivered a significant judgment invalidating JSW Steel’s acquisition of Bhushan Power and Steel Limited (BPSL). It was a takeover that was completed in 2021. This decision has far-reaching implications for the involved parties and the broader process of insolvency resolutions in India.
The apex court cited several critical reasons for its order. The judgemet was primarily focusing on violations of the Insolvency and Bankruptcy Code (IBC). Then there has also been…
