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