Page 3 - Bhushan Power & Steel

IBC and PMLA: Clarity needed in enforcing two overlapping laws in harmony

Seshagiri Rao, JSW Steel joint managing director and group chief financial officer, explained that the main issue is whether the PMLA has an overriding effect on the IBC

Top 10 biz headlines: Faster GST refunds, million auto jobs at risk & more

From a single-authority mechanism for processing GST refunds to exporters coming soon to NCLT approving JSW Steel's Rs 19,700-cr bid for Bhushan Power & Steel, here are today's top business news

Allahabad Bank reports Rs 1,744-cr fraud by Bhushan Power & Steel to RBI

Allahabad Bank further said it has been observed that the company has misappropriated bank funds, and manipulated books of accounts to raise funds from consortium lender banks

Banks jittery as JSW's Rs 19,700-cr offer for Bhushan Power awaits NCLT nod

Bhushan Power was in the first list of 12 companies identified by the Reserve Bank of India for debt resolution in June 2017

Bank fraud case: CBI raids multiple cities of Bhushan Power & Steel Limited

The searches were carried out at 18 locations in a number of cities, including the Delhi-NCR, Chandigarh, Kolkata, Orissa, at the office and residential premises of the company

NCLT asked to decide on JSW's bid for Bhushan Power & Steel by March 31

The National Company Law Appellate Tribunal (NCLAT) Friday directed the Delhi bench of the NCLT to decide over JSW Steel's bid for the debt-ridden Bhushan Power & Steel by March 31. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also directed the National Company Law Tribunal (NCLT) to hear the representatives of operational creditors, promoters along with dissenting banks also. "We expect adjudicating authority (NCLT) to decide the case at an early date to ensure that the matter is decided before the end of this financial year," the appellate tribunal said. During the proceedings, Bhushan Power promoter Sanjay Singal through his counsel offered to settle all dues of the lenders. On this, the appellate tribunal has directed NCLT to also take a decision over Singal's offer to settle. "Liberty is given to adjudicating authority to decide who should be heard as representative of operational creditors or promoters or dissenting financial creditors, if any," .

Lenders of insolvent Bhushan Power pick Rs 197-billion bid of JSW Steel

Sources said JSW Steel stated its intention to infuse an additional Rs 70 billion for any future requirements

Insolvency process: Lenders vote on JSW's offer for Bhushan Power

Tata Steel offered Rs 166 billion and Liberty Rs 185.9 billion

JSW tops Tata, Liberty with Rs 197 bn bid for Bhushan Power and Steel

The bids were submitted for the second time to the CoC late night on August 13. Now the CoC will inform the NCLAT on Friday about the bids received by the interested parties

CCI approves Tata Steel's acquisition of debt-ridden Bhushan Power & Steel

Bhushan Power and Steel owes about Rs 450 bn to its lenders and it was among the 12 non-performing accounts referred by the RBI for insolvency proceedings in June last year

NCLAT extends deadline to submit revised bid for Bhushan Steel on Tata plea

The appellate tribunal has now said all three bidders -- Tata Steel, Liberty House and JSW -- may file their revised offers by August 13

SC to hear Tata Steel plea against rebids for Bhushan Power on August 10

In May, NCLT approved Tata Steel's bid for Neeraj Singhal-led Bhushan Steel

Consider 1st batch of resolution plans in Bhushan Power case: NCLAT to CoC

However, any new plan or revision of plans, if received, will have to be kept in a sealed cover and should not be opened or considered by the CoC

NCLAT permits lenders to meet, finalise bid for Bhushan Power & Steel

The National Company Law Appellate Tribunal (NCLAT) today gave a go-ahead to the lenders' meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company. Vacating its earlier stay, the appellate tribunal has directed the committee of creditors (CoC) of the company to consider the resolution plans submitted by three firms -- Tata Steel, Liberty House and JSW Steel. NCLAT has also directed the CoC to call all the three bidders, along with operational creditors and suspended board of directors, in the meeting. The CoC would call for urgent meeting to take the resolution plan for discussion and approval, said a two-member bench headed by Chairman Justice S J Mukhopadhaya. He further said, "Resolution professional (RP), after consulting CoC, will invite operational creditors and all three resolution applicants will remain present on the date of consideration of the resolution plan. The suspended board of director are also allowed to attend the ...

NCLAT rejects Liberty House plea to stay Bhushan Power's resolution process

A two-member bench of the appellate tribunal directed the committee of creditors to go ahead with the resolution process

Tata Steel raises concerns over power theft in Bhushan Power's plant

Some service providers to Bhushan Power and Steel have also found theft in the plant during the moratorium period

Insolvency process: Bhushan Power decision on preferred bidder next week

Some of the lenders felt that the bid put forward by Liberty House should also be looked into

Operational creditors of Bhushan Power may halt work at Jharsuguda plant

The creditors are appealing against the payment of dues to the tune of Rs 1.5 billion to Rs 2 billion by post-dated cheques

NCLAT asks RP, CoC of Bhushan Power to address Liberty House's grievances

Liberty House had challenged the creditors' decision to reject Bhushan's bid on grounds of late submission

Lenders choose Tata Steel as preferred bidder for Bhushan Power & Steel

Tata Steel has already bagged Bhushan Steel, which has a capacity of 5.6 million tonnes