BPSL case: JSW Steel likely to cite NCLT 2019 order in SC review plea

JSW Steel and lenders will move the Supreme Court after its verdict struck down the BPSL resolution plan, citing lack of Form H and equity infusion in the structure

JSW Steel is preparing a review petition before India’s Supreme Court (SC) after its resolution plan for Bhushan Power & Steel (BPSL) was struck down last month. The steelmaker is expected to cite a 2019 order from the National Company Law Tribunal (NCLT), which acknowledged the resolution professional’s submission of Form H — certifying JSW’s eligibility under the Insolvency and Bankruptcy Code (IBC).

 

Separate review petitions will also be filed by the lenders and the resolution professional, people familiar with the matter said.  The submission of Form H certifying the eligibility of JSW Steel under the Section 29A of the