Bhushan Power

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

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

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

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

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

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

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

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

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

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 ...

Process tied in legal knots even with the latest set of amendments to IBC

The ED is learnt to have told the tribunal and the MCA that doing so will first require amending the Prevention of Money Laundering Act

Appellate tribunal also asks ED to release all attached assets immediately to RP of Bhushan Power, bars further attachment

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

Adjudicating authority asks RP of Bhushan Power to redistribute profit made during CIRP among all creditors

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Firm seeks forensic audit reports of banks from RP, Tribunal asks for copy of its plea to RP, after which it would consider JSW request on August 6

JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports and needs to know what is going inside Bhushan Power & Steel Ltd (BPSL). A two member NCLT bench headed by the President Justice M M Kumar asked the Resolution Professional (RP) of BPSL to hand over a copy of the forensic report to JSW Steel. NCLT said that alleged fraud reports will not have any impact on the insolvency resolution process and JSW's resolution plan for BPSL. NCLT has to take a decision over the lenders' approval of the resolution plan of JSW Steel for BPSL. Earlier on February 4, the National Company Law Appellate Tribunal (NCLAT) had dismissed the plea of Tata Steel and upheld the Committee of Creditors (CoC) ...

The bank said it has already made provisions amounting to Rs 900.20 crore against the bank's exposure in BPSL

Top court stays high court order which asked Bhushan Power CoC, NCLT to give firms' ex-directors a hearing.