Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share 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 : Steel Ministry Ramps Up Efforts to Boost Domestic Scrap Supply Amid Global Export Curbs Global Steel Industry Faces Crisis Amid Overproduction and Sluggish Demand
Coal import of India surged by 13% to 21.64 million tonnes (MT) in February as some buyers took fres...
Energy 08-Apr-2024
French President Emmanuel Macron's visit as the chief guest for the Republic Day celebrations will l...
Business 24-Jan-2024
India will turn to Congo for critical mineral access, primarily copper and cobalt. A draft MoU has b...
Non-Ferrous 12-Apr-2024
A parliamentary panel has suggested that the Indian government should seek a three-year deferment on...
Taxation 08-Feb-2024
According to a report by India Rating and Research (Ind-Ra), thermal power is poised to remain a cru...
Energy 26-Feb-2024
Indian Metals & Ferro Alloys Ltd (IMFA) has posted a manifold jump in its consolidated net profi...
Mid Corporate 31-Jan-2024