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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
This halts liquidation proceedings at the NCLT until at least 2 June, which is JSW Steel’s deadline to file a review petition on the apex court’s 2 May verdict.
A two-judge bench of the Supreme Court on Monday temporarily stopped the liquidation of Bhushan Power and Steel Ltd.
On 2 May, the apex court had scrapped JSW Steel’s 2021 acquisition of then insolvent steelmaker under the Insolvency and Bankruptcy Code, and ordered BPSL’s liquidation. The court’s judgement had held that JSW’s insolvency resolution plan had violated the rules of the Insolvency and Bankruptcy Code, and should not have been accepted. It further held that JSW had violated the rules even in its implementation of the plan.
Read: SC scrapped Bhushan Power and Steel deal to protect IBC, not undermine …
The JSW Steel founder is embarking on an unprecedented expansion, betting on Japan’s JFE and Korea’s POSCO to share the load. But rivalries, debt and market risks could complicate the plan.
Despite a higher offer, creditors chose Gautam Adani’s Adani Enterprises—setting up a courtroom fight that raises questions over the bankruptcy resolution process’s priorities.
A sharper growth push from Tata Steel is reshaping a long-running contest with JSW Steel and shifting the market’s loyalties. But can it keep its expansion-hungry rival at bay?
