Supreme Court clears Rs 20,000-crore JSW acquisition deal for Bhushan Steel

The Supreme Court has cleared the path for JSW Steel to acquire Bhushan Power and Steel Ltd (BPSL) in a Rs 20,000-crore deal, reversing its earlier order that had directed the liquidation of the bankrupt company.

A bench led by Chief Justice of India BR Gavai on Friday approved JSW Steel’s Rs 19,700-crore resolution plan, saying the company had met all the parameters required as a successful resolution applicant under the Insolvency and Bankruptcy Code (IBC).

The Chief Justice said that overturning the consistent views of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), both of which had upheld the resolution plan, would have created serious consequences. “Reversing concurrent decisions by the NCLT and the NCLAT will result in a disaster,” CJI Gavai observed in court.