JSW Steel faces tax benefit reversal after Supreme Court scraps Bhushan Power takeover

JSW Steel may lose tax benefits gained from its 2020 acquisition of Bhushan Power and Steel (BPSL) after the Supreme Court scrapped the takeover. Under the Insolvency and Bankruptcy Code (IBC), companies can offset losses of the insolvent firm against profits. BPSL had Rs 7,000 crore in losses, which it offset after becoming profitable post-acquisition.