Bhushan Power insolvency: ED tells Supreme Court it might not press Section 32A IBC issue in appeal against JSW Steel's RP

The Supreme Court heard an appeal concerning Bhushan Power & Steel’s insolvency proceedings and the applicability of Section 32A of the Insolvency and Bankruptcy Code (IBC) in blocking the use of assets. The case arises from an appeal filed by JSW Steel, which challenged the continuation of the insolvency proceedings despite Bhushan Power’s claims that Section 32A should protect certain assets from the IBC process. The court’s decision could have broad implications on the treatment of corporate assets under the IBC, particularly in cases where the protection of assets under insolvency proceedings is contested. The ruling will clarify the limits of Section 32A in insolvency cases and its application in corporate governance.