
JSPL-Bhushan case: Time to rewrite India’s insolvency code?
Few come out smelling of roses from the Supreme Court (SC) ruling that annulled the takeover of Bhushan Power and Steel Ltd (BPSL) by Jindal Steel and Power Ltd (JSPL) and ordered BPSL’s liquidation, using the SC’s special powers to ensure “complete justice” under Article 142 of India’s Constitution. The successful bidder, JSPL, the Committee…