M Nagaraju, Secretary, Department of Financial Services (file photo)
| Photo Credit:
ANI
The government has reviewed the Supreme Court’s (SC) recent judgment quashing JSW Steel’s ₹19,700 crore acquisition of Bhushan Power and Steel Ltd, said Department of Financial Services (DFS) Secretary M Nagaraju.
“We are studying the judgment and the possible course of action. We will finalise our next step after discussing with our senior government advocates.
“We need to take a serious look at this. I have reviewed with all the lenders and we have taken a position. This is already a done deal. Now the SC has given a judgment. We will see what can be done,” he said.
Experts say Banks and Asset Reconstruction Companies could be impacted if JSW Steel presses the clawback clause. Their profitability could be dented in the second quarter if the SC does not grant any relief.
The Insolvency and Bankruptcy Board of India (IBBI) and the Indian Banks’ Association (IBA) are expected to file an appeal in this matter in SC.
Published on May 5, 2025
