New Delhi, May 13 -- Few come out smelling of roses from the Supreme Court (SC) ruling that annulled the takeover of Bhushan Power and Steel Ltd (BPSL) by JSW Steel Ltd and ordered BPSL's liquidation, using the SC's special powers to ensure "complete justice" under Article 142 of India's Constitution.

The successful bidder, JSW, the Committee of Creditors (CoC) in charge of BPSL and the Resolution Professional (RP) all came in for criticism from the bench for acts of omission and commission that should have been penalized by the National Company Law Tribunal and its appellate body. The SC's decision was critiqued for its apparent disregard of alternative remedies that would have penalized offenders without severe blows being taken by eco...