JSW Steel’s shares fell 5 percent after the news.
The Supreme Court of India has rejected the JSW Steel resolution plan to acquire Bhushan Power and Steel four years after the acquisition, and ordered the liquidation of the steel manufacturer full of the debt, CNBC-TV18 Reported on Friday.
The Apex court said that JSW Steel’s plan to acquire Bhushan’s power was “illegal” and that he should not have been accepted by the Charter’s Credit Committee, CNBC-TV18 reported, without providing details.
JSW Steel’s shares fell 5 percent after the news.
JSW Steel and Bhushan Power did not immediately respond to Reuters‘Email drying comment.
JSW Steel was the applicant for successful resolution with an offer of ₹ 19.7 billion rupees ($ 2.35 billion) by Bhushan Power and the acquisition was completed in 2021.
Bhushan Power Oed OPD around ₹ 4.7 Lakh Millions of rupees to financial creditors when it was preselected by the Bank of the Reserve of India to be admitted under the country’s insolvency and bankruptcy code in 2017.
Punjab National Bank had initiated criminal procedures in 2019 against the former Boil Board of Directors of Bhushan Power after the lender discovered a fraud per promotion to 38 billion rupees in the company’s accounts.
Punjab National Bank and State Bank of India, who led the creditors committee, also did not respond to Reuters‘Emails.
Posted on May 2, 2025
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