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Top Indian Judge Rues Bureaucracy Bogging Down Bankruptcy Deal

  • Differing views of government departments hold up sold assets
  • Court gives a week to government to resolve differences
The Supreme Court of india in New Delhi.

The Supreme Court of india in New Delhi.

Photographer: Nasir Kachroo/NurPhoto/Getty Images

Differing views between two departments of the Indian government have turned one of the biggest sales of steel mills under the reformed bankruptcy law into a litigation worth $6.3 billion and delayed the entire process.

“You purchased a litigation that costs 480 billion rupees,” India’s Chief Justice N.V. Ramana told the lawyer for tycoon Sajjan Jindal-led JSW Steel Ltd.. The top court gave another week to government’s lawyer to sort out the differences between the country’s anti-money laundering agency Enforcement Directorate and corporate affairs ministry.