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 conducted final arguments in the Bhushan Power case, focusing on delays in implementing a resolution plan under the Insolvency and Bankruptcy Code. JSW Steel defended the delays as caused by external factors, while promoters disputed this, claiming JSW failed to meet funding arrangements. The court reserved its verdict after intense discussions.
![[Byju's Insolvency Case] Resolution Professional (RP) Are Creating 'Chaos': Creditor To NCLT](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-44.png?resize=447%2C367&ssl=1)
![[Byju's Insolvency Case] “They Have Classified Us as Operational Creditors; We Are Financial Creditors”: Aditya Birla Finance, Glas Trust Seek to Replace Resolution Professional](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/11/image-11.png?resize=300%2C168&ssl=1)
Today, On 4th November, Aditya Birla Finance and Glas Trust petitioned the NCLT to replace the resolution professional managing Byju’s insolvency, claiming only one entity is classified as a financial creditor, resulting in a single-member Committee of Creditors. The NCLT will hear the case next week, following a stay on CoC meetings.
The Supreme Court will hear a US creditor’s appeal against an NCLAT judgment on September 17. The judgment halted insolvency proceedings against BYJU’s and approved its Rs 158.9 crore settlement with the BCCI. The court has agreed to hear another related plea on the same date, following multiple requests to expedite the hearing.
Byju Raveendran challenges Byju’s insolvency order, alleging bias by NCLAT. He seeks suspension of the order, stating Byju’s solvency and a plan to clear debts. BCCI opposes, claiming forum shopping. NCLAT is set to hear the appeal. Byju’s insolvency resulted from unpaid dues to BCCI, impacting its value and operations. Continued hearing on July 26.