Supreme Court allows JSW Steel’s Rs 19,700 crore Bhushan Power takeover to proceed
The Supreme Court said on Friday that JSW Steel’s ₹19,700 crore takeover of Bhushan Power and Steel (BPSL) could go ahead, reversing its own earlier decision to reject the deal.
JSW then filed a request for it to review the rejection.
On Friday, the court said JSW had revived BPSL by investing heavily in modernisation and safeguarded thousands of livelihoods by keeping the company a going concern. The purpose of the Insolvency and Bankruptcy Code — to help transform a loss-making entity into a profit-making one — has been achieved, the court said.
