Three seasons and a washout as the Bhushan Power resolution dragged

BPSL was admitted for resolution under IBC in July 2017. On Friday, it came nearer to resolution with majority of lenders voting in favour of JSW Steel's proposal to close the process

During the past three and a half years that the Bhushan Power & Steel (BPSL) resolution has dragged, the steel sector has seen an upturn, an economic slowdown, a washout due to Covid and a V-shaped recovery.

BPSL was admitted by the National Company Law Tribunal (NCLT) for resolution under the Insolvency and Bankruptcy Code (IBC) in July 2017. On Friday, it came nearer to resolution with majority of lenders voting in favour of a JSW Steel’s proposal to close the process even as a ruling from the Supreme Court is awaited. The idea is to close the process by