India Top Court Recalls Order Rejecting JSW’s Bhushan Power Buy

India’s top court on Thursday recalled its previous verdict that rejected the sale of Bhushan Power and Steel Ltd. to JSW Steel Ltd. through a debt-resolution process and ordered its liquidation.

A two-judge bench headed by the Chief Justice of India B. R. Gavai pondered if the top court should have interfered in the revival plan which had secured seals of approval from bankruptcy tribunals as well as a committee of creditors. Liquidating Bhushan Power at a time when it has been revived into a healthy company will also be an injustice to the thousand of its workers, the judges observed during the hearing on Thursday.