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Govt finalising response to SC’s JSW-BPSL verdict.
Key ministries in high-level consultations.
Legal tweaks likely to protect insolvency process.
The Indian government is in the final stages of formulating its response to the Supreme Court’s recent verdict scrapping JSW Steel’s acquisition of Bhushan Power and Steel Ltd (BPSL). Senior government officials confirmed that deliberations are ongoing at the highest levels, involving the Ministry of Corporate Affairs, the Ministry of Steel, and the Insolvency and Bankruptcy Board of India (IBBI).
The Supreme Court, in a landmark judgment, rejected JSW Steel’s takeover plan for the debt-laden BPSL under the Insolvency and Bankruptcy Code (IBC), citing procedural lapses and stakeholder concerns. The move has thrown one of the country’s largest insolvency resolutions into uncertainty, with implications for the steel sector and insolvency processes at large.
According to sources, the government aims to safeguard investor confidence while ensuring the sanctity of the IBC framework is maintained. The possible courses of action include legislative amendments or clarificatory notifications to address legal ambiguities highlighted by the court.
Industry watchers and lenders to BPSL are anxiously awaiting the government’s move, which could influence future insolvency cases and big-ticket takeovers in India’s infrastructure and steel sectors.
A formal announcement is expected soon after inter-ministerial consultations conclude.
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