The National Company Law Tribunal approves JSW Steel’s bid for Bhushan Power and Steel Limited
By INSOL INDIA EDITORIAL BOARD Posted On : September 18, 2019
The Principal Bench of the National Company Law Tribunal (“NCLT”), vide its order dated September 05, 2019, approved the resolution plan submitted by JSW Steel Limited (“JSW”) in relation to the corporate insolvency resolution process of Bhushan Power and Steel Limited (“BPSL”). BPSL was one of the first twelve entities which were referred by the Reserve Bank of India under the Insolvency and Bankruptcy Code, 2016, in July, 2017.
The NCLT, while approving the resolution plan submitted by JSW, refused to grant certain reliefs to JSW, which JSW had sought for. The NCLT also directed the resolution professional of BPSL to distribute the profits of the BPSL amongst the creditors of BPSL and to JSW.
Aggrieved by certain terms of the order of the NCLT, JSW has now challenged the NCLT order before the NCLAT.
For the full text of the order approving the resolution plan submitted by JSW, please refer to the link
For more details please visit https://nclt.gov.in/sites/default/files/Interim-order pdf/Punjab%20National%20Bank%20Vs.%20Bhushan%20Power%20and%20Steel%20Limited%20.pdf