Supreme Court

News, The Morning Context

Supreme Court temporarily halts Bhushan Power’s liquidation

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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.

News, The Morning Context

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

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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.

Boom Live, News

Pegasus Investigation Committee’s Website Has Removed Depositions And Replaced With Spam

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The website of the Supreme Court-ordered Pegasus investigation committee headed by former Supreme Court Judge Justice R V Raveendran has deleted depositions made to it and has started posting spam content. The Pegasus investigation had revealed that thousands of individuals all over the world may have had their mobile phones targeted for hacking using the Pegasus software suite, which is developed by Israel’s NSO Group.

Adani Watch, News

Contradictions and delays cast doubts on regulator’s probe into Adani’s transactions

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The investigations by the Securities and Exchange Board of India (SEBI) into transactions by Adani Group entities have been marred by controversy, raising questions about its ability to handle the high-stakes probe with transparency and efficiency. The Supreme Court of India stipulated a deadline of 2 May 2023 for SEBI to conclude its investigation. However, in May, in response to applications by SEBI, the court extended that deadline to 14 August 2023. SEBI’s floundering has brought the regulator under increased scrutiny.

Adani Watch, News

Hindenburg fallout generates rare unity amongst Indian opposition parties

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A month after the release of the explosive Hindenburg report and the shock waves continue. The report has caused a firestorm in the Indian Parliament. The country’s Supreme Court has been deluged with cases arising from the Hindenburg allegations. Several major Adani projects have been cancelled or shelved as speculation mounts about the group’s financial health. Allegations swirl in the international press about the role of Vinod Adani, the older brother of Group founder, Gautam, in a network of Adani-invested entities registered in tax havens. Fears are now openly expressed in the world’s financial press that funds invested in ‘green’ Adani companies may have been used to back new coal projects.

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