The 26th September, Supreme Court upholds JSW’s efforts to turn Bhushan Power & Steel Limited (BPSL) into a profitable enterprise. The Court stated, “We have held that CCDs issued by SRA are to be treated as equity,” protecting investments.
The Supreme Court of India has accepted the appeal by BYJU’S promoters against the NCLAT’s refusal to withdraw insolvency proceedings linked to a Rs. 158 crore settlement with BCCI. Notices have been issued to relevant parties, with the next hearing scheduled for July 21, where interim relief may be considered.
New Delhi: 26th May: The Bhushan Power and Steel Limited (BPSL) case, the Supreme Court of India has temporarily stayed the liquidation proceedings currently pending before the National Company Law Tribunal (NCLT). This stay comes to allow JSW Steel to file a review petition challenging the Court’s earlier judgment delivered on May 2.
The Supreme Court of India will reassess the Competition Commission of India (CCI) plea regarding the rejection of AGI Greenpac’s resolution plan for Hindustan National Glass and Industries Limited (HNGIL). Notices have been issued to stakeholders, with both AGI Greenpac and CCI seeking a fresh hearing due to concerns over competition and implementation issues.
The Supreme Court of India annulled JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power and Steel, declaring it illegal due to violation of Insolvency and Bankruptcy Code norms. The court ordered BPSL’s liquidation, emphasizing that delays and non-compliance undermine the IBC’s objectives, despite previous approvals by NCLT and NCLAT.
