bhushan power steel

The Supreme Court overturned the acquisition of Bhushan Power & Steel by JSW, directing liquidation due to legal and regulatory violations. JSW's Rs 19,700 crore plan was rejected, with the court citing delayed payments and dishonest intentions. The resolution professional failed in their duties, and the committee of creditors didn't protect creditor interests, impacting public sector banks.

SC’s JSW-Bhushan verdict sets a worrying institutional precedent for insolvency cases. For economic laws, courts can’t make legal minutiae the first priority. There’ll now be regime uncertainty for future investors

Following the Supreme Court's rejection of JSW's acquisition of Bhushan Power & Steel due to irregularities, lenders, including Punjab National Bank, are set to decide on their next steps. PNB, having received approximately Rs 3,000 crore from the BPSL transaction, reported a significant jump in net profit, driven by business growth and recoveries. The bank plans further expansion with new branches and staff recruitment.

Brokerage firms have adjusted their ratings and target prices for several key stocks. UBS remains neutral on SBI, while CLSA downgraded Kotak Mahindra Bank to 'hold.' Jefferies cut Avenue Supermart's target price due to margin concerns. Prabhudas Lilladher suggests reducing Indian Oil Corp, and InCred Equities maintains a 'reduce' rating on JSW Steel citing valuation concerns.

High-profile borrowers account for over half of all wilful defaults at IDBI Bank. The total amount of defaults is higher than the funds infused by the government when the bank was in crisis. Unions say the government’s failure to recover loans has hit the bank’s financial health and privatisation will help the defaulters go scot-free

The National Company Law Appellate Tribunal (NCLAT) on Monday allowed JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate.

The National Company Law Appellate Tribunal will hear the plea of JSW Steel, which has emerged as the highest bidder for Bhushan Power & Steel Ltd, seeking immunity from the ongoing cases of money laundering against the latter on October 14. It also directed impleading the ministry of corporate affairs, the CBI and the Enforcement Directorate as party in the matter.

Brij Bhushan Singal, chairman of Bhushan Steel has finally managed to settle family feud between his sons Sanjay and Neeraj with respect to their cross-holdings in listed Bhushan Steel and unlisted Bhushan Power and Steel Ltd.

Over 85% of the ongoing corporate insolvency cases have dragged beyond 270 days, which was the upper limit for finalisation of the process. Latest data released by the Insolvency & Bankruptcy Board of India (IBBI) on Monday showed that up to December, 1,481 of the 1,717 pending cases had extended beyond 270 days.

New Delhi, Aug 29 () Tata Steel said today that the existing power purchase pact between Bhushan Steel, the debt-laden company which it acquired, and Bhushan Energy is in under discussion.

New Delhi, Mar 9 () The creditors' panel will next week declare the highest preferred bidder for acquiring the assets of Bhushan Power and Steel amid the resolution process for the debt-laden firm being marred by controversy, sources said.

Tata Steel today said it has won a bid to acquire bankrupt Bhushan Steel Ltd for an undisclosed sum of money.Industry sources put the acquisition price at Rs 35,000 crore.

The National Company Law Appellate Tribunal (NCLAT) on Monday asked the Enforcement Directorate (ED) to release the attached properties of Bhushan Power and Steel and directed the agency not to attach any further assets without its permission. The appellate tribunal also put the Rs 19,700-crore payout by the JSW Steel to buy the debt-ridden company on hold till further orders.

The National Company Law Appellate Tribunal (NCLAT) will hear JSW Steel’s plea on Monday seeking immunity from criminal proceedings in a bank fraud case against Bhushan Power’s erstwhile promoter. Billionaire Sajjan Jindal-owned JSW Steel has bagged Bhushan Power through the bankruptcy process for Rs 19,700 crore.