SC strikes down JSW's deal, orders liquidation of Bhushan Steel & Power
The Supreme Court overturned the acquisition of Bhushan Power & Steel by JSW, directing liquidation due to legal and regulatory violations. JSW's Rs 19,700 crore plan was rejected, with the court citing delayed payments and dishonest intentions. The resolution professional failed in their duties, and the committee of creditors didn't protect creditor interests, impacting public sector banks.
The Supreme Court overturned the acquisition of Bhushan Power & Steel by JSW, directing liquidation due to legal and regulatory violations. JSW's Rs 19,700 crore plan was rejected, with the court citing delayed payments and dishonest intentions. The resolution professional failed in their duties, and the committee of creditors didn't protect creditor interests, impacting public sector banks. What's Your Reaction?
