Bhushan Power & Steel, one of the 12 cases mandated by the Reserve Bank of India to be resolved under the Insolvency and Bankrutcy Code (IBC) has got a leg-up with the letter of intent (LOI) of being issued in JSW Steel’s favour.
Sources close to the development said the next step was to file the resolution plan with the National Company Law Tribunal (NCLT) for approval.
JSW Steel’s upfront offer for Bhushan Power was Rs 19,300 crore and another Rs 350 crore had been offered for operational creditors. Bhushan Power’s total admitted financial claims amount to Rs 47,148 crore as on February 7, 2019.
The government had set a target of resolving the cases on the RBI’s first list by March. However, sources indicated that past cases resolved on the first list had taken significant time. Read More