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Govt finalising response after Supreme Court cancels JSW-Bhushan deal.
MCA, IBBI, and legal experts weighing options of fresh bids or liquidation.
Final decision likely after expert consultations in coming weeks.
Following the Supreme Court’s decision to scrap JSW Steel’s takeover of Bhushan Power & Steel, the Indian government is actively finalising its official response and the next course of action. A senior official revealed that deliberations are underway at the highest levels, with the Ministry of Corporate Affairs and Insolvency and Bankruptcy Board of India (IBBI) working in tandem to address the implications of the verdict.
The top court’s order has left a major void in one of India’s most significant insolvency cases under the IBC framework. Officials are reportedly considering options to reinitiate the resolution process or proceed with liquidation, while also safeguarding the interests of creditors and operational stakeholders.
The verdict has also raised concerns about investor confidence in India’s insolvency resolution mechanism. The government aims to ensure market stability and protect the value of distressed assets while framing its response.
Industry insiders believe that the government’s move will set an important precedent for future high-value insolvency cases, especially as large steel assets continue to be hotly contested under IBC proceedings.
The final decision is expected to be announced after a series of consultations with legal, financial, and sectoral experts over the coming weeks.
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