Nclt Ruling On Bhushan Power & Steel

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

PNB Q4 loss narrows to Rs 697 cr, CEO expects Rs 8k-cr recovery this fiscal

The bank's total income during the March quarter rose to Rs 16,388.32 crore from Rs 14,725.13 crore in the year-ago period

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

NCLT ruling on Bhushan Power & Steel boosts UltraTech plea for Binani

The recent order by NCLT Delhi in the Bhushan Power & Steel case admitting a bid after completion of the bidding date, has made the case stronger for UltraTech Cement, which lost out to Dalmia Bharat Cement in the race for acquisition of the hitherto bankrupt Binani Cement.The legal counsel of UltraTech Cement, which had touched upon the decision from NCLT Delhi on Monday's hearing told Business Standard that they are going to cite this ruling as a "precedence set by NCLT" to appeal to the Kolkata bench of NCLT to ask the Committee of Creditors (CoC) of Binani Cement to consider the revised offer from UltraTech Cement which is Rs. 11 billion higher than the one the CoC has already approved.The Delhi bench of NCLT on Monday allowed the bid from Liberty House for acquisition of Bhushan Power & Steel despite Liberty House filing its bid after closure of the bidding process and it's CoC choosing Tata Steel as the H1 bidder."This certainly strengthens the case for UltraTech Cement.