Live
- 2024 on track to be hottest year on record
- PM Modi’s visit to Solapur: Women applaud ‘Double-Engine’ government’s initiatives
- Nagarkurnool MLA Dr. Kuchukulla Rajesh Reddy Campaigning in Maharashtra Elections
- Wife Kills Husband with Her Lover: Details of Veldanda Murder Case Revealed by SP Gaikwad
- Strict Action on Violations of Food Rights: Telangana Food Commission Chairman Goli Srinivas Reddy
- Smooth Conduct of Group-3 Exams with Strict Security Measures: Collector Badavath Santosh
- Delhi HC orders cancellation of LOC issued against Ashneer Grover, wife
- Shami’s absence a major blow for India in BGT, says Paul Adams
- Will organize protests at borders if attack on minority Hindus in Bangladesh not stopped: Bengal LoP
- Dutch Ambassador Marisa Gerard Meets Telangana CM A. Revanth Reddy in Delhi
JSW Steel bid for Bhushan Power gets nod
The National Company Law Tribunal (NCLT) on Thursday approved the JSW Steel's Rs 19,700 crore resolution plan for debt-ridden Bhushan Power & Steel Ltd (BPSL).
New Delhi: The National Company Law Tribunal (NCLT) on Thursday approved the JSW Steel's Rs 19,700 crore resolution plan for debt-ridden Bhushan Power & Steel Ltd (BPSL).
A two-member principal bench of the NCLT headed by President Justice M M Kumar has also said the criminal cases against the promoters of BPSL for siphoning of the funds from the company will not to impact JSW Steel as its new promoter.
The tribunal has also said the profits made by BPSL during insolvency period will be distributed between creditors of Bhushan Power, in accordance with the ruling by the National Company Law Appellate Tribunal (NCLAT) in the ArcelorMittal case.
The NCLT also rejected the objections raised by Tata Steel over the bids submitted by JSW and its erstwhile promoters.
In April, the NCLT had reserved its judgement after concluding hearing from the parties. Tata Steel had objected the improved financial offer of JSW Steel before the Resolution Professional and the Committee of Creditors' of Bhushan Power and Steel.
The tribunal had initiated corporate insolvency resolution process (CIRP) against BPSL on July 26, 2017, admitting the plea of its lead lender Punjab National Bank (PNB).
