India’s bankruptcy regime is at an inflection point. The JSW Steel-Bhushan Power & Steel saga has become a lightning rod for debate over whether commercial expediency should trump the rule of law.The Supreme Court’s decision to invalidate JSW Steel’s acquisition of Bhushan Power & Steel has drawn criticism from those who argue that economic revival and job preservation justify bending procedural norms. That argument, while tempting, risks undermining the very fabric of India’s insolvency framework.
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