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.
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.
The Supreme Court has allowed the DAIT-Adani Power consortium to temporarily operate Coastal Energen’s power plant until the NCLAT issues its final order. This decision provides interim relief amid the ongoing insolvency dispute, overturning the NCLAT’s interim order and expressing concerns about the haste with which the NCLAT had acted.
Yesterday, On 9th May, The Jet Airways lenders are dissatisfied with the resolution plan, citing concerns about its effectiveness. The National Company Law Appellate Tribunal’s decision to transfer ownership to the successful bidder, Jalan Kalrock Consortium (JKC), within 90 days has incurred objections. JKC’s ability to fulfill financial obligations and revive the airline is under scrutiny amidst legal disputes.