The SC order was finally pronounced last week, observing that due to legal infirmities in conduct of the insolvency process, JSW's approved resolution plan is set aside and BPSL shall be liquidated.
The Supreme Court was faced with precisely such a dilemma in the insolvency of Bhushan Power and Steel Ltd. (Photo by Karan Bhatia on Unsplash)
Fait accompli is a French term used to depict an event that has occurred so definitively that even if it has allegations of illegality, the situation has become practically irreversible.In such cases, courts need to balance the seriousness of alleged legal transgression with the pain of restoring all parties to a prior state. The Supreme Court was faced with precisely such a dilemma in the insolvency of Bhushan Power and Steel Ltd.Sa...