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Supreme Court scraps JSW Steel’s deal.
ED regains asset control for probe.
Big impact on insolvency cases with fraud.
In a dramatic twist to the long-standing Bhushan Steel insolvency saga, the Supreme Court of India has scrapped JSW Steel’s resolution plan for the company’s assets. The apex court ruled that the Enforcement Directorate (ED) will now regain its authority to attach and investigate the assets involved in alleged money laundering cases.
The decision comes as a setback for JSW Steel, which had earlier emerged as the successful bidder under the Insolvency and Bankruptcy Code (IBC) framework, securing Bhushan Steel’s stressed assets for ₹19,700 crore. However, parallel legal battles over financial irregularities and criminal investigations prompted this Supreme Court intervention.
Legal experts say the verdict underscores the primacy of criminal proceedings over insolvency resolutions in cases involving financial crimes. The ED had previously attached several Bhushan Steel assets, claiming their proceeds were linked to alleged fraud and money laundering.
The judgment is expected to have significant implications for future insolvency cases involving fraud allegations, as it brings clarity to the balance of powers between insolvency courts and criminal investigative agencies like the ED.
Industry sources suggest this could delay the revival process for Bhushan Steel’s assets, affecting stakeholders, lenders, and operational creditors awaiting resolution.
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