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Bhushan Power Liquidation Order Rattles Banks, Lawyers
Hindustan Times Gurugram
|May 03, 2025
The Supreme Court on Friday ordered the surprise liquidation of Bhushan Power & Steel Ltd, nearly five years after India's largest steelmaker JSW Steel Ltd acquired the bankrupt company in an insolvency auction.
MUMBAI: Lawyers termed the order unprecedented, as it overturns prior orders by the company law tribunal, raises questions over the fate of loans recovered by the banks, and imperils the investments that JSW Steel made into the company.
JSW Steel's ₹19,700-crore rescue plan violated provisions of the Insolvency and Bankruptcy Code (IBC), and BPSL's committee of creditors (CoC) erred in approving it, a bench of Justices Bela M. Trivedi and Satish Chandra Sharma ruled.
The court declared the resolution plan "illegal and contrary to IBC provisions" and criticized the CoC for failing to follow the legal framework, before invoking Article 142 of the Constitution to order the liquidation.
This story is from the May 03, 2025 edition of Hindustan Times Gurugram.
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