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Bhushan Power And Steel
The former promoters of Bhushan Steel and Power Ltd on Monday urged the Supreme Court to accord an open court hearing to their plea seeking review of the May 2 verdict ordering liquidation of BSPL under the Insolvency and Bankruptcy Code. The top court had on May set aside the resolution plan submitted by JSW Steel for the BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). A bench comprising Justice Bela M Trivedi (since retired) and Justice Satish Chandra Sharma had also ordered the liquidation of BSPL under the IBC. The former promoters of BSPL were Sanjay Singhal and his family, specifically including his father Brij Bhushan Singal and brother Neeraj Singal. On Monday, senior advocate Vikas Singh, appearing for former promoters of the ailing firm, told a bench comprising Chief Justice B R Gavai and Justice K Vinod Chandran that the review plea be listed before a bench for an open court hearing. The senior lawyer said the value of the assets o
The NCLT on Tuesday adjourned its hearing over a petition filed by Sanjay Singhal, former promoter of debt-ridden Bhushan Power & Steel Ltd (BPSL), to June 26. Singhal has approached the National Company Law Tribunal (NCLT), seeking enforcement of the order passed by the Supreme Court, which had on May 2 quashed the Rs 19,700 crore resolution plan from Sajjan Jindal-led JSW Steel. Setting aside the previous order passed by the tribunal, the apex court had directed initiation of liquidation of BPSL, as per the provisions of the Insolvency & Bankruptcy Code. Following this, Singhal moved NCLT to place on record the judgment order of the Supreme Court and its implementation. The matter was listed before the Delhi-based Principal bench of the NCLT, where a two-member bench comprising its president adjourned the matter to June for the next hearing. However, NCLT took the judgment passed by the Supreme Court on BPSL on record. During the proceedings of the NCLT, Solicitor General of
Special Court in Delhi has granted bail to Aarti Singal, the former Director of Bhushan Power and Steel Limited (BPSL) in the fraud case of Rs 5,500 crores.The case is being investigated by the Serious Fraud Investigation Office (SFIO).Singal was arrested by SFIO on March 21, 2022 and was produced before the Special Court in Dwarka on March 22, 2022.Special Judge Sumit Das on March 28, while passing the order, said that no independent role of Aarti Singhal has been brought out on record by SFIO except that she has, jointly with her husband, signed cheques or issued instructions to the bank for issuance of Demand Draft (DD).The court also observed that Aarti Singal deserves to be granted the benefit of special status to woman as provided under provisions of Section 437 and Section 212(6) of the Companies Act, 2013 taking into consideration her role of being a passive woman director is concerned.Taking into consideration the enabling provision to Section 212(6) of the Companies Act ...
Shares of JSW Steel on Tuesday gained 5 per cent after the company said it has paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd towards the implementation of resolution plan for acquiring the firm. The stock jumped 5.08 per cent to close at Rs 467.55 on BSE. During the day, it gained 5.62 per cent to Rs 470. On NSE, it rose by 4.99 per cent to settle at Rs 467.45. With the move, JSW Steel has closed the acquisition of Bhushan Power & Steel Ltd (BPSL). "Pursuant to the implementation of resolution plan, the inter-alia included payment of Rs 19,350 crore to the financial creditors of BPSL and merger of SPV with BPSL, PSL (Piombino Steel Ltd) holds 100 per cent equity shares in BPSL," JSW Steel had said in a BSE filing on Friday. Markets were closed on Monday for Holi.
The National Company Law Appellate Tribunal (NCLAT) on Monday gave JSW Steel Ltd immunity from all criminal investigations after its takeover of Bhushan Power & Steel Ltd, whose assets were sought to be attached by the Enforcement Directorate (ED) over alleged bungling by former management. A two-member NCLAT bench headed by Justice S J Mukhopadhaya also declared attachment of assets of insolvent Bhushan Power & Steel Ltd (BPSL) by the ED as "illegal and without jurisdiction". Billionaire Sajjan Jindal-led JSW Steel had moved the appellate tribunal seeking to extinguish all present and future liabilities on account of criminal investigations against Bhushan Power & Steel, contending that an absence of any such protection would jeopardise the feasibility and viability of its resolution plan. JSW Steel had made the highest bid of Rs 19,700 crore for the takeover of BPSL. While the government had in December amended the insolvency law to ring-fence a corporate debtor, after ..