In a ruling that could have far-reaching consequences for the country's insolvency resolution regime, India's Supreme Court has struck down JSW Steel's acquisition of Bhushan Power & Steel (BPSL), reopening a deal that was closed and paid for three years ago, the Economic Times of India reported. The judgment has raised concerns over the sanctity and finality of the Insolvency and Bankruptcy Code (IBC), and that global financial investors may stay out of the distressed asset market due to the lack of legal certainty.

India's top court on Friday rejected JSW Steel's resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm, two lawyers involved in the case said, Reuters reported. The insolvency administrator and the lenders panel, which ran the insolvency process, failed to discharge their duties in line with the law, one of the lawyers said, citing the Supreme Court's verbal order. The lawyers spoke on the condition of anonymity as they are not authorised to speak to the media.

The National Company Law Tribunal (NCLT) at Bengaluru on Thursday once again deferred its order in a petition seeking initiation of insolvency proceedings against hyperlocal delivery platform Dunzo, BarAndBench.com reported. This is the third time the tribunal has postponed pronouncing the order. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radha Krishna Sreepada cited time constraints, stating: “We have been sitting till 5:30 PM, we have not been able to finalise the order.

The escalation of the tariff war in April will aggravate stress for MSMEs particularly entities in the sectors where the impact of the tariff war is negative, said credit rating and research firm India Ratings and Research in a statement on Tuesday, FinancialExpress.com reported. Analysing 1,898 listed and unlisted MSMEs and 1,055 mid-corporates (MCs), the research firm said MCs have a greater cushion against unanticipated financial shocks with only 11 per cent of them under stress in comparison to MSMEs with 23 per cent of them being stressed.

Talks between the UK and India on a free trade agreement have entered the final stretch, with both sides now wrangling over five unresolved issues, according to an official in New Delhi familiar with the matter, Bloomberg News reported. India’s Commerce and Industry Minister Piyush Goyal will tackle some of these issues during his two-day visit to the UK that begins Monday.He is scheduled to meet Business and Trade Secretary Jonathan Reynolds and Chancellor of the Exchequer Rachel Reeves.

India's Adani Green on Monday said that its independent review of the U.S. indictment of founder Gautam Adani and top Adani Green executives, who were accused of paying $265 million in bribes for power contracts, did not identify any non-compliance or irregularities, Reuters reported. In November, U.S. authorities indicted Gautam Adani, his nephew and Executive Director Sagar Adani and Managing Director Vneet S. Jaain, alleging that they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raises.

In a major development for the National Capital Region’s (NCR) real estate market and offering much-needed relief to homebuyers, Max Estates Limited (Max Estates) has successfully taken over the long-stalled Delhi One project of Boulevard Projects Private Limited (BPPL) in Noida, InsolvencyTracker.in reported. The acquisition, finalized under the aegis of the Insolvency and Bankruptcy Code (IBC), unlocks a substantial development potential of approximately 2.5 million sq. ft.