Representing JSW Energy and JSW Steel, Cyril Amarchand Mangaldas secured a significant Karnataka High Court ruling quashing KERC’s captive status verification procedure. The judgment provides major relief to captive power users and reinforces the regulatory framework governing captive power projects.
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.
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 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.