Bhushan Power & Steel

JSW Steel's 2 Indian subsidiaries expected to return to profit in Q3 FY23

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

ED attaches Rs 31-crore aircraft of BPSL ex-CMD Sanjay Singal in bank fraud

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

JSW push to see Bhushan Power & Steel post best-ever performance in FY22

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

Odisha bags proposals worth Rs 2.48 trillion from steel sector in 6 months

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

ED attaches assets of Rs 1.74-crore in PMLA case against BPSL

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 gain 5% after completion of Bhushan Power deal

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.

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