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Govt detects legal errors in SC JSW-Bhushan ruling.
Stay request likely to safeguard IBC framework.
Formal decision expected after legal consultation.
In a significant development surrounding the JSW Steel-Bhushan Power & Steel (BPSL) deal, senior government sources have indicated that the Centre has identified 'errors' in the Supreme Court’s recent ruling scrapping the acquisition. The apex court’s decision, which raised questions on the resolution plan approved through India’s Insolvency and Bankruptcy Code (IBC), is being closely examined by legal experts within the Ministry of Finance and Ministry of Corporate Affairs.
Officials privy to the matter stated that discrepancies and possible legal inconsistencies in the SC order have prompted discussions about seeking a stay on its implementation. "The ruling has broader implications on future resolution plans under the IBC framework. Several procedural gaps and factual inaccuracies are being assessed," said a government source.
The move comes amid concerns over its potential ripple effect on the domestic steel industry and corporate insolvency processes. JSW Steel’s ₹19,700 crore acquisition of BPSL was one of India’s largest insolvency resolutions. A stay on the ruling could prevent disruption in operational continuity and market sentiment.
A formal legal opinion is awaited before the government proceeds to file its request before the apex court. Stakeholders, including lenders and industry experts, are also keeping a close watch as the outcome could set a precedent for ongoing and future IBC cases.
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