Bhushan Power ex-MD Sanjay Singal challenges JSW resolution plan in SC

Petition says, JSW disqualified under Section 29A, has no claim on Rs 3,000 crore EBITDA during CIRP

The former chairman and managing director of Bhushan Power & Steel, Sanjay Singal, has brought Section 29A of the Insolvency and Bankruptcy Code (IBC) under the spotlight once more in his latest petition filed with the Supreme Court, challenging JSW Steel's Rs 19,350 crore resolution plan approval by the National Company Law Appellate Tribunal (NCLAT).

Many high profile cases have tripped on deadlines on account of Section 29A, introduced by the government in November 2017 to keep defaulting promoters from bidding for their assets. In the case of Essar Steel, after protracted legal arguments, ArcelorMittal had to pay dues of