(First published in Business Standard: https://www.business-standard.com/companies/news/sc-ruling-on-bpsl-resolution-may-reset-ibc-process-as-jsw-plans-review-plea-125050400545_1.html)
My take, as quoted in Business Standard, on the potential adverse impact on future IBC acquisitions as a result of the recent decision of the SC with respect to the acquisition of Bhushan Steel by JSW.
“This will be a huge deterrent for future acquisitions under IBC. After going through the rigours of NCLT and NCLAT, an acquisition is still made null and void. It is a setback to the purpose of the IBC, which is to secure the interests of the creditors.”
Reminds me of retrospective taxation and coal block deallocations — where you won the game, and then the rules were rewritten to say: ‘Oops, you lost.’
