Exit of BDO resolution professionals to hit insolvency proceedings

BDO India said it was forced to seek legal intervention so that the resignations did not come in the way of the resolution process

The insolvency proceedings for Bhushan Power & Steel and Jyoti Structures might be hit as their resolution professionals have quit audit firm BDO India and joined rival Price Waterhouse. BDO India has filed a petition in the Bombay High Court against two of its partners, Mahendar Khandelwal (resolution professional for Bhushan Power & Steel) and Vandana Garg (resolution professional for Jyoti Structures). The petition is likely to be heard this week. Tata Steel was the highest bidder for Bhushan Power & Steel. 

The lender's committee for the Bhushan Steel, which owes Rs 470 billion to banks, is scheduled to meet on