Bhushan Power lenders accept JSW Steel plan, look to close deal by March 31

25 financial creditors would be realising 41% from the Rs 19,350 cr deal on claims of Rs 47,158 cr

Lenders to Bhushan Power & Steel (BPSL) on Friday approved a proposal to close its deal with JSW Steel, bringing it nearer to the resolution of an insolvency process that has been dragging for more than three and a half years.

They agreed to accept payment in accordance with JSW Steel’s resolution plan, with an undertaking to refund the amount in case the Supreme Court gives an adverse order.

“Lenders with a 97 per cent voting share voted in its favour. The effort is to complete the process by March 31,” a source close to the development confirmed.

Financial creditors would be realising