Bhushan Power resolution may have to wait longer due to IBC amendments

Process tied in legal knots even with the latest set of amendments to IBC

Resolution of Bhushan Power & Steel (BPSL), which is tied in legal knots, may stretch further even with the latest set of amendments to the Insolvency and Bankruptcy Code (IBC) approved by the Cabinet.  

The National Company Law Appellate Tribunal (NCLAT) that is hearing an appeal from JSW Steel — the winning bidder — on Thursday set a fresh date for hearing on January 13. 

Lenders had approached the Supreme Court, which was slated for hearing next week.  They had moved apex court primarily on two grounds. They wanted JSW to implement the resolution plan and the Enforcement Directorate (ED) to reverse