Bhushan Power & Steel

Tribunal rejects objections by former promoters, rules that insolvency resolution does not bar recovery proceedings and directs SFIO to detail the role of each respondent.

JFE Steel Corporation of Japan will invest Rs 15,750 crore to form a joint venture with Sajjan Jindal-led JSW Steel, according to a regulatory filing. The joint venture (JV) will include JSW Steel's arm Bhushan Power & Steel Ltd's (BPSL) integrated steel plant, situated in Odisha. In a BSE filing, JSW Steel said it has "entered into a strategic joint venture partnership with JFE Steel Corporation, Japan (JFE). The steel business undertaking of Bhushan Power and Steel Ltd (BPSL) will be transferred to a 50:50 joint venture with JFE through a slump sale, with a cash consideration of Rs 24,483 crore. JFE will invest Rs 15,750 crore in two tranches to acquire a 50 per cent stake in the joint venture, it added. JSW Steel had acquired BPSL in 2021 through Insolvency and Bankruptcy Code (IBC) process and successfully transformed it from a 2.75 2.75 million tonnes per annum (MTPA) distressed unit into a profitable company with an expanded capacity of 4.5 MTP, currently employing 25,000 ..

The Supreme Court upheld JSW Steel's ₹19,700 crore resolution plan for Bhushan Power and Steel, dismissing objections from former promoters and lenders and affirming CoC's primacy

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

In a filing with the stock exchanges, the company said it filed a review petition before the Supreme Court on June 25, related to the judgment dated May 2

The Supreme Court pauses NCLT proceedings to liquidate BPSL, observing that doing so may prejudice JSW's yet-to-be-filed review of its quashed resolution plan

JSW has until June 2 to file a review of the Supreme Court's May 2 judgment, which had rejected its ₹19,700 crore resolution plan and ordered the liquidation of the debt-laden company

In a major reversal, the Supreme Court ruled that the resolution plan for BPSL, approved by the committee of creditors (CoC) and cleared by both the insolvency and the appellate tribunals

JSW Steel and lenders will move the Supreme Court after its verdict struck down the BPSL resolution plan, citing lack of Form H and equity infusion in the structure

Top court has rejected JSW Steel's resolution plan to acquire Bhushan Power and Steel four years after takeover was completed

Govt begins consultations after SC rejects JSW Steel's Rs 19,350 crore resolution plan for Bhushan Power and orders liquidation under IBC provisions

The Supreme Court rejected JSW Steel's resolution of BPSL under the corporate insolvency resolution process, ordering the liquidation of the debt-laden company

The order is a blow to lenders. As experts have told this newspaper, lenders will have to return the recovery received through the resolution process

Article 142 says that Supreme Court, in the exercise of its jurisdiction, may pass such decree or make such order as is necessary for doing complete justice in any cause or matter pending before it

The court, however, stressed that former promoters and directors would still be held responsible for offences committed prior to the insolvency proceedings

Global macroeconomic challenges to shape turnaround of JSW Steel and Bhushan Power & Steel

The aircraft, a Cessna 525 A CJ 2+, belonging to Bhushan Airways Services Pvt. Ltd., a company "controlled and owned" by Singal, has been attached after a provisional order was issued under PMLA

Firm has been able to achieve full capacity utilisation; Exports ramped up, accounted for 36% of sales mix in Q3FY22

Raw material, port facilities, slurry pipe infrastructure make the state a "popular" choice

The Enforcement Directorate on Friday said it has attached properties worth Rs 1.74 crore in connection with its money laundering probe linked to an alleged bank fraud in BPSL