Page 2 - Bhushan Power & Steel

Banks to send more cases to bankruptcy courts even as old ones lie stagnant

Several roads, real estate and power companies are headed to the bankruptcy courts once the one-year ban imposed by the RBI lifts in the coming week

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

JSW Steel sees mettle in bankrupt asset amid upturn in steel market

An upturn in the steel market has prompted the country's third-largest steel producer to up the ante on acquiring Bhushan Power

JSW Steel eyes Bhushan Power acquisition as SC sets Nov 3 final hearing

Jindal had offered Rs 19,700 crore to lenders as upfront cash for takeover of the company

SBI invokes personal guarantees of Bhushan Power & Steel promoter

Action against Sanjay Singal comes within days of the Finance Ministry asking banks to invoke personal guarantees in all insolvency cases

ED claims irregularities in BPSL consignments after RP took charge

Steel company clandestinely moved finished goods from its Odisha factory to its plants in Kolkata and Chandigarh, says agency

ED searches BPSL's resolution professional, probes 'irregularities' in ties

Beleaguered steel firm batting money laundering charges, forcible possession of its assets

IBC faces test again as top court hears Bhushan Power & Steel case

ED objected to the applicability of Section 32A of the Insolvency and Bankruptcy Code (IBC) to the JSW-Bhushan deal

Banks want IBC proceedings in all pending cases to be suspended for 2 years

Fall in valuation, lack of demand cited as reasons

Bhushan Power ex-MD Sanjay Singal challenges JSW resolution plan in SC

Petition says, JSW disqualified under Section 29A, has no claim on Rs 3,000 crore EBITDA during CIRP

JSW Steel's $2.7-billion buy of Bhushan Power & Steel faces legal test

An adverse ruling could also be a setback for lenders, which led by PNB, are seeking a speedy resolution

Here's why Insolvency and Bankruptcy Code is a policy masterstroke

From 161 resolved cases, the realisable amount stands at over Rs 1.6 trn

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

NCLAT asks ED to file final affidavit in Bhushan Power & Steel asset case

The National Company Law Appellate Tribunal (NCLAT) on Friday asked the Enforcement Directorate to file a final affidavit containing developments related to attachment of Bhushan Power & Steel Ltd assets. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya also asked the ED to clarify about its role after the attachment of assets of Bhushan Power and Steel Ltd (BPSL). The appellate tribunal was hearing a batch of petitions, including one filed by JSW Steel, against the attachment of BPSL assets. "ED would file the final affidavit giving the developments, which have taken place," the tribunal said. The NCLAT has directed to list the matter on December 12 for the next hearing. It would hear the BPSL case along with other matters, which involves a similar issue. The ED and Ministry of Corporate Affairs (MCA) are at loggerheads over the attachment of the assets of the debt-ridden firm by the former over the money allegedly siphoned off by the erstwhile promoters o

ED arrests ex-Bhushan Power & Steel CMD Sanjay Singal for bank loan fraud

The ED has recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL).

Lenders wary of using IBC after ED attaches Bhushan Power assets under PMLA

Lenders say if money laundering provisions are applied to bankruptcy cose, close to 90% cases of NPA in the banking system will turn out to be frauds

ED swoop on BPSL has lenders wary of IBC route for debt resolution

The attachment by the ED was made under PMLA and is being legally tested before the National Company Law Appellate Tribunal (NCLAT) at a time when it is in the final lap of resolution under IBC

NCLAT asks ED, MCA to reach consensus on Bhushan Power & Steel assets

While the ED is of the opinion that it can attach the property of BPSL under the Prevention of Money Laundering Act (PMLA), the corporate affairs ministry has been maintaining that ED can not do so

NCLAT halts Bhushan Power sale to JSW Steel; asks ED to release BSPL assets

The ED had seized a portion of Bhushan Power and Steel's (BPSL) assets in the money laundering case against its former promoters

Bank fraud: ED attaches assets worth over Rs 4,000 cr of Bhushan Power

The total value, under the provisional order for attachment, is Rs 4,025.23 crore.