Public sector lender Punjab National Bank said Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI).
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.
The National Company Law Appellate Tribunal on February 4 turned down Tata Steel’s request to consider its bid as the ‘most legitimate” one for Bhushan Power & Steel.
Bhushan Power & Steel’s promoter, Sanjay Singal, has unveiled a last-minute bid to save his company from going under the hammer by offering creditors a proposal to repay their entire dues of Rs 47,151 crore.
The National Company Law Appellate Tribunal (NCLAT) today gave a go-ahead to the lenders’ meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the meeting of committee of creditors (CoC) of Bhushan Power and Steel to vote on bids for the debt-ridden firm.
UK-based Liberty House Group said it was interested in bidding for Bhushan Power & Steel and sought an extension to the deadline to submit its resolution plan for the bankrupt company.
JSW Steel, Tata Steel and Vedanta are among the seven companies that have expressed interest in Bhushan Power & Steel, undergoing the Reserve Bank of India (RBI)-mandated insolvency process.