The principal bench of the National Company Law Tribunal (NCLT) on Tuesday reserved its order on approval of the JSW Steel’s resolution plan for Bhushan Power and Steel (BPSL). Sources said NCLT is likely to pronounce its final order on JSW Steel’s Rs19,700-crore bid in the next 15 days.
BPSL was admitted by the New Delhi bench of the NCLT on July 26, 2017, for the initiation of the corporate insolvency resolution process (CIRP), on the plea of Punjab National Bank (PNB). As per the law, a resolution plan, submitted by the resolution professional (RP), has to be approved by NCLT to take effect.
JSW Steel has offered to pay Rs 19,350 crore to the financial creditors of the debt-ridden BPSL, implying a near 60% haircut for lenders. Read More