Ernst and Young has been appointed as the operations and management agency for debt-ridden Bhushan Power and Steel Ltd (BPSL), which is undergoing the corporate insolvency resolution process.
The E&Y team has been appointed as the agency from January 1.
"As per the terms of engagement, the EY team would be reporting to the monitoring committee (comprising the committee of creditors and resolution professional) and would be responsible for working with the Bhushan Power and Steel Ltd team to ensure the going concern is maintained," said a circular.
It added that in the immediate course, nothing changes with regard to day-to-day operations, processes and approvals.
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