India’s Supreme Court will reconsider its earlier decision that annulled JSW Steel’s USD 2.3 bln acquisition of Bhushan Power and Steel, stating the ruling had not fully accounted for previous legal precedents.
The May verdict, which scrapped the deal six years after its initial approval, raised concerns among investors in distressed assets and created uncertainty around the country’s 2016 bankruptcy reforms.
The court had cited multiple flaws in the takeover process and ordered Bhushan Power’s liquidation, instructing banks to return funds recovered during the acquisition. Following a review petition from JSW Steel, the judges said the matter warranted fresh consideration and temporarily halted liquidation proceedings.
The next hearing is scheduled for August 7.
