The Supreme Court on Friday will hear the Bhushan Power and Steel promoter Sanjay Singal petition against JSW Steel taking over the bankrupt company.
The case is watched keenly by the industry as the verdict will answer many probing questions and set a precedence for future insolvency cases.
While approving the ₹19,700-crore bid of JSW Steel for BPSL last month, the National Company Law Appellate Tribunal (NCLAT) last month provided immunity for JSW Steel from the ongoing investigation against BPSL and its promoters.
It has also approved the takeover of BPSL which has been attached by the Enforcement Directorate under Prevention of Money Laundering Act (PMLA).
