The resolution of yet another mega corporate loan defaulter, Bhushan Power & Steel Ltd (BPSL), is in doldrums and it is entirely possible that the panoply of lenders, which was hopeful of getting back at least a part of their money sunk in this steel maker, may remain empty handed.
JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters.
JSW Steel’s cost for Bhushan Power and Steel’s acquisition has increased and at the same time banks awaiting payday from the stressed asset are feeling jittery as fresh litigation has hit the debt resolution of the company.
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.
Ten social activists have come out in support of lawyer Prashant Bhushan in the Supreme Court, contending that the contempt proceedings initiated against him appears to be an assault on freedom of speech and expression.
By the end of next month, lenders expect to close the resolution of at least two names in the Reserve Bank of India’s (RBI’s) first list of major non-performing assets. These two are Essar Steel and Bhushan Power & Steel.
Asserting that the “early harvest” through the Insolvency and Bankruptcy Code (IBC) has been “extremely satisfactory”, Finance Minister Arun Jaitley has said that he expects 12 big cases such as Bhushan Power
Sajjan Jindal’s JSW Steel plans to raise up to Rs 5,000 crore through a rights issue, so as to tie the funding in place to acquire bankrupt Bhushan Power and Steel. At a press conference that the company held today to announce its second quarter results, MVS Seshagiri Rao,
The auction process for debt ridden Bhushan Power has been compromised, Tata Steel said on Thursday, making its first public comment on the bidding race where it was overtaken by JSW Steel even after being declared as the highest bidder by the company’s Committee of Creditors.