Bhushan Power & Steel

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

The aircraft, a Cessna 525 A CJ 2+, belonging to Bhushan Airways Services Pvt. Ltd., a company "controlled and owned" by Singal, has been attached after a provisional order was issued under PMLA

Firm has been able to achieve full capacity utilisation; Exports ramped up, accounted for 36% of sales mix in Q3FY22

Raw material, port facilities, slurry pipe infrastructure make the state a "popular" choice

The Enforcement Directorate on Friday said it has attached properties worth Rs 1.74 crore in connection with its money laundering probe linked to an alleged bank fraud in BPSL

Shares of JSW Steel on Tuesday gained 5 per cent after the company said it has paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd towards the implementation of resolution plan for acquiring the firm. The stock jumped 5.08 per cent to close at Rs 467.55 on BSE. During the day, it gained 5.62 per cent to Rs 470. On NSE, it rose by 4.99 per cent to settle at Rs 467.45. With the move, JSW Steel has closed the acquisition of Bhushan Power & Steel Ltd (BPSL). "Pursuant to the implementation of resolution plan, the inter-alia included payment of Rs 19,350 crore to the financial creditors of BPSL and merger of SPV with BPSL, PSL (Piombino Steel Ltd) holds 100 per cent equity shares in BPSL," JSW Steel had said in a BSE filing on Friday. Markets were closed on Monday for Holi.

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

25 financial creditors would be realising 41% from the Rs 19,350 cr deal on claims of Rs 47,158 cr

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

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

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

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

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

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

Fall in valuation, lack of demand cited as reasons

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

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

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

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

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