Bhushan Power Insolvency: ED concedes appeal against JSW Steel; Supreme Court orders restitution of attached properties

The Supreme Court ruled on the Bhushan Power insolvency case, where the Enforcement Directorate (ED) conceded an appeal related to the attachment of properties. The case involved JSW Steel, which had challenged the ED’s actions under the Insolvency and Bankruptcy Code (IBC). The Supreme Court ordered the restitution of the attached properties to Bhushan Power, finding that the ED’s actions were flawed in this instance. The ruling emphasizes the Court’s oversight in ensuring that insolvency proceedings are not misused and that actions taken by enforcement agencies align with legal and procedural norms.