The Supreme Court invalidated JSW Steel’s INR 19,350-crore Bhushan Power & Steel Ltd (BPSL) acquisition, ordering liquidation due to (1) funding via equity and convertible debentures, where it should have been solely done by equity, and (2) timeline breaches. JSW took control of BPSL in Mar’21 and raised its stake to 83.3% by Oct’21, but the court rejected the creditors-approved plan, citing Insolvency and Bankruptcy Code violations.
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