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JSW Steel's takeover of Bhushan Power nullified by India's top court

By Freny Patel ( May 5, 2025, 00:26 GMT | Insight) -- In a significant blow to JSW Steel, India's top court declared its acquisition of debt-ridden Bhushan Power and Steel "illegal" and against the country's bankruptcy laws, ordering the dismantling of the $2.37 billion deal and the liquidation of the target company. The Supreme Court of India strongly criticized JSW Steel for a "dishonest and fraudulent attempt" to manipulate the insolvency process by delaying committed upfront payments for over two years, "enriching itself unjustly," and then belatedly trying to comply as steel prices rose, suggesting collusion with creditors and resolution professionals.In an unprecedented verdict, India's top court has declared JSW Steel's acquisition of debt-ridden Bhushan Power and Steel "illegal" and contrary to the provisions of the country's bankruptcy code....

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