India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
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.
Also Read : RVNL's order book touches ₹65,000-crore mark; aims to add foreign projects JSL Eyes 30% Surge in Stainless Steel Exports for FY 2024-25
ArcelorMittal Nippon Steel India (AMNS) has been hit with a hefty fine of ₹106 crore for allegedly e...
Business 25-Feb-2025
Israel Aerospace Industries (IAI) has established an Indian subsidiary in New Delhi; IAI made the an...
Defence 28-Mar-2024
Copper prices lost ground on Monday, weighed down by a firmer US dollar ahead of key economic data a...
China 26-Feb-2024
Indian Coast Guard (ICG) and Hindalco Industries inked a Memorandum of Understanding (MoU) to manufa...
Press Releases 10-May-2024
NMDC increased iron pricing by ₹400 per tonne for lump ore and ₹200 for fines, effective April 27. T...
Ferrous 30-Apr-2024
🔹 SAIL to commission a 4 million MT coking coal block by H2 2026.🔹 Move to reduce reliance on impo...
Business 24-Mar-2025