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SC halts Bhushan Power liquidation.
JSW Steel gets review opportunity.
Major boost for corporate insolvency cases.
In a significant development for India’s steel industry, the Supreme Court of India on Friday ordered a status quo on the liquidation process of Bhushan Power & Steel Ltd (BPSL). The apex court also permitted JSW Steel to file a review petition against the National Company Law Appellate Tribunal’s (NCLAT) earlier order that had pushed BPSL towards liquidation.
The case, which has remained one of the largest insolvency resolutions in the country’s steel sector, took a crucial turn as JSW Steel — which had previously acquired BPSL through the insolvency process — challenged the liquidation citing procedural and legal irregularities.
The Supreme Court bench, led by Chief Justice D.Y. Chandrachud, took cognizance of the concerns raised and maintained a status quo until the next hearing, providing much-needed relief to JSW Steel and the lenders involved in the resolution process.
Industry experts believe this move could set a vital precedent for large-scale insolvency cases where post-acquisition legal hurdles emerge. It also buys time for JSW Steel to present its arguments in favor of overturning the liquidation order and safeguarding its investment.
The next hearing is expected in the coming weeks, and the outcome will have wider implications on corporate insolvency resolutions in India’s capital-intensive industries.
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