Bhushan Power

Supreme Court upholds JSW Steel's ₹19,700 crore resolution plan for BPSL

The Supreme Court upheld JSW Steel's ₹19,700 crore resolution plan for Bhushan Power and Steel, dismissing objections from former promoters and lenders and affirming CoC's primacy

Supreme Court upholds JSW Steel's takeover plan for Bhushan Power & Steel

The Supreme Court has upheld JSW Steel's ₹19,700-cr Bhushan Power takeover plan, and rejecting lenders' demand for share of Ebitda

JSW Steel files review petition on SC verdict in Bhushan Power case

In a filing with the stock exchanges, the company said it filed a review petition before the Supreme Court on June 25, related to the judgment dated May 2

NCLT adjourns hearing on Bhushan Power-Steel's promoter plea for a month

The NCLT on Tuesday adjourned its hearing over a petition filed by Sanjay Singhal, former promoter of debt-ridden Bhushan Power & Steel Ltd (BPSL), to June 26. Singhal has approached the National Company Law Tribunal (NCLT), seeking enforcement of the order passed by the Supreme Court, which had on May 2 quashed the Rs 19,700 crore resolution plan from Sajjan Jindal-led JSW Steel. Setting aside the previous order passed by the tribunal, the apex court had directed initiation of liquidation of BPSL, as per the provisions of the Insolvency & Bankruptcy Code. Following this, Singhal moved NCLT to place on record the judgment order of the Supreme Court and its implementation. The matter was listed before the Delhi-based Principal bench of the NCLT, where a two-member bench comprising its president adjourned the matter to June for the next hearing. However, NCLT took the judgment passed by the Supreme Court on BPSL on record. During the proceedings of the NCLT, Solicitor General of

Ex-promoter of Bhushan Power moves NCLT to enforce SC's liquidation order

Top court has rejected JSW Steel's resolution plan to acquire Bhushan Power and Steel four years after takeover was completed

Govt preparing response to SC verdict on ₹19,700 cr JSW-Bhushan Power deal

The Supreme Court rejected JSW Steel's resolution of BPSL under the corporate insolvency resolution process, ordering the liquidation of the debt-laden company

Top steelmakers likely to rebid for distressed Bhushan Power & Steel assets

SC's order to liquidate Bhushan Power may prompt renewed interest from top steel companies, but investor concerns grow over reversals of long-settled IBC deals

Supreme Court scraps IBC buyout of Bhushan Power & Steel by JSW Steel

Supreme Court terms JSW Steel's Bhushan Power resolution plan illegal and orders liquidation, criticising CoC, NCLT, and the resolution professional

Banks stare at Bhushan Power & Steel again after SC liquidation order

Lenders may need to reverse recoveries from JSW's resolution plan for Bhushan Power & Steel as Supreme Court orders liquidation, triggering fresh provisioning concerns

Delhi High Court quashes ED proceedings against Bhushan Power and Steel

The court, however, stressed that former promoters and directors would still be held responsible for offences committed prior to the insolvency proceedings

JSW Steel's 2 Indian subsidiaries expected to return to profit in Q3 FY23

Global macroeconomic challenges to shape turnaround of JSW Steel and Bhushan Power & Steel

JSW Steel pays Rs 19,350 cr to financial creditors of Bhushan Power & Steel

Lenders would stand to realise 41% on claims of Rs 47,157.99 cr

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

JSW Steel sweetens offer by Rs 400 cr to close Bhushan Power deal

Proposal was made last week, payment subject to bank guarantee or indemnity from lenders, so that in case SC rejects resolution plan, settlement amount will be reversed

JSW Steel awaits fate of Bhushan Power acquisition as SC adjourns hearing

Since JSW was named the highest bidder last year, it has been a long wait for Jindal due to a spate of investigations by ED and multiple adjournments in final hearing at the Supreme Court

JSW Steel-Bhushan Power buy may hit Enforcement Directorate hurdle

There is no power conferred upon the NCLAT under the Insolvency and Bankruptcy Code (IBC) to interfere with a provisional attachment order, ED said.

Hit by Covid-19, JSW Steel seeks time to pay for Bhushan Power purchase

As steel prices crash, firm facing winner's curse with Rs 19,700-cr acquisition

JSW Steel plans Monnet-like structure for proposed BPSL acquisition

The net debt of JSW at the end of December quarter was at Rs 49,552 crore

SC admits plea challenging NCLAT order allowing sale of Bhushan Power

The Supreme Court Friday admitted a plea challenging appellate tribunal NCLAT's order allowing JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. A bench comprising Chief Justice S A Bobde and Justices B R Gavai and Surya Kant refused however to put the sale on hold. "The appeals are admitted. Senior Advocate Dr A M Singhvi, appearing for the Committee of Creditors, states that in case he receives money, he will return the said amount within two months, if the appeal succeeds," the bench said. The apex court has put up the matter for hearing on April 15. A two-member bench of the National Company Law Appellate Tribunal (NCLAT), headed by Chairman Justice S J Mukhopadhaya, had said that JSW Steel will be immune from the acts done by the former promoters of Bhushan Power & Steel Ltd (BPSL). However, it had also said that prosecution against the former promoters under the money laundering ...

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