Insolvency

Supreme Court temporarily halts Bhushan Power’s liquidation

Abir Dasgupta / May 26, 2025

A two-judge bench of the Supreme Court on Monday temporarily stopped the liquidation of Bhushan Power and Steel Ltd (BPSL). This halts proceedings at the National Company Law Tribunal (NCLT) until at least June 2, which is JSW Steel’s deadline to file a review petition on the apex court’s May 2 verdict. The apex court had scrapped JSW Steel’s 2021 acquisition of the then-insolvent steelmaker under the Insolvency and Bankruptcy Code (IBC) and ordered BPSL’s liquidation. JSW argued that liquidation would jeopardize its intended review petition.

SC scrapped Bhushan Power and Steel deal to protect IBC, not undermine it

Abir Dasgupta / May 5, 2025

Every party in the acquisition of insolvent steelmaker Bhushan Power and Steel Ltd stretched the limits, including JSW Steel and the NCLT/NCLAT. The Supreme Court’s verdict cancelled the acquisition and ordered BPSL’s liquidation. The SC’s message is that the Insolvency and Bankruptcy Code (IBC) resolution process rules must be followed, and violations cannot be condoned. The ruling upholds the sanctity of the IBC framework, despite the cost to the acquirer, JSW Steel.

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Backed by Nationalised Banks, How Ramdev’s Patanjali got Rich Through Ruchi Soya

Ravi Nair / March 30, 2022

The way Patanjali acquired Ruchi Soya is an instructive example of nationalised banks, regulatory institutions and tribunals enabling massive wealth accumulation.

Adani Watch, News

‘Test case’ shemozzle means Adani still in the race for bankrupt finance company

Abir Dasgupta / May 26, 2021

In a rare instance of not getting its way, the Adani Group failed earlier this year to acquire the assets of the scandal-tainted finance company, DHFL. However, with messy legal disputes potentially de-railing the outcome of the bankruptcy process, there is a chance that a fresh round of bidding may yet take place. This would put Adani back in the race for DHFL’s assets.

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Are Two BJP MPs Trying to ‘Scuttle’ a Sick Company’s Resolution Process?

Paranjoy Guha Thakurta / December 10, 2020

Two BJP MPs have levelled allegations of malpractices against the professional in-charge of the insolvency resolution process of Topworth Steels and Power, an ailing company promoted by Abhay Lodha and Surendra Lodha. Documents with NewsClick suggest that after the resolution professional discovered fraudulent transactions in the company, his dismissal was sought by the two MPs. An exclusive investigation.

Adani Watch, News

Adani Accused of Violating Bidding Rules in Complaint to India’s Prime Minister

Paranjoy Guha Thakurta / November 20, 2020

Rival investors are up in arms as the Adani group makes a last-minute attempt to acquire a bankrupt home-loan company in India. One such investor, the Piramal group, has written a letter to India’s Prime Minister Narendra Modi claiming that Adani’s attempt violates the rules of the bidding process.

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Dues of Insolvent Telcos: Is There a Loophole Favouring Jio and Airtel

Paranjoy Guha Thakurta / October 24, 2020

An amount not less than Rs 37,500 crore is owed to the government by two bankrupt telecom companies, Reliance Communications and Aircel. How these past dues are to be paid is a contentious issue that was left hanging in the balance by the Supreme Court in its September verdict in the so-called AGR (adjusted gross revenue) case.

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Justice Arun Mishra’s Verdict to Benefit Reliance Jio, Hit Vodafone

Paranjoy Guha Thakurta / September 4, 2020

The recent verdict by the Supreme Court bench headed by Justice Arun Mishra, one of his last judgements before retirement, on the so-called AGR or adjusted gross revenues case could lead to the formation of a duopoly in India’s telecom sector.

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