BHUSHAN POWER AND STEEL
INSCO to submit improved resolution plan for Hindusthan National Glass
Independent Sugar Corp (INSCO), the approved bidder, will present an enhanced resolution plan of ₹356 crore for Hindusthan National Glass to lenders. This follows a Supreme Court directive to match AGI Greenpac's offer after rejecting the latter's plan due to delayed CCI approval. The resolution professional will now seek CoC approval for the revised INSCO plan by July 2025.
Parliamentary panel flags 'ambiguities' in Insolvency and Bankruptcy Code
A parliamentary committee has identified ambiguities within the Insolvency and Bankruptcy Code (IBC), prompting the government to consider amendments. The Supreme Court's decision regarding JSW Steel's resolution plan for Bhushan Power and Steel Ltd (BPSL) has fueled discussions about the insolvency mechanism's effectiveness. Delays in the resolution process and previously highlighted gaps in the law are also under review.
Lenders, JSW Steel differ over Bhushan Power funds recovery
Banks seek compensation for losses at Bhushan Power and Steel under Sanjay Singhal. They claim rights to recoveries from wrongful transactions. JSW Steel argues BPSL should retain the recovered funds. These transactions occurred before insolvency proceedings. Recoveries are estimated at Rs 3,000 crore. The Supreme Court initially struck down JSW Steel's acquisition but later paused liquidation.
SC orders status quo on liquidation of Bhushan Power as JSW Steel seeks to halt proceedings
The Supreme Court has ordered a status quo on the liquidation of Bhushan Power and Steel Ltd (BPSL) after JSW Steel's plea to halt the proceedings. JSW Steel argued that liquidation would be detrimental to the company and its stakeholders. The company is considering a review under Article 137, requesting a pause on NCLT's liquidation move.
JSW Steel's 50 MT plan on track despite Bhushan setback: CEO Jayant Acharya
JSW Steel plans to increase its annual capacity to 50 million tonnes by fiscal year 2031. The Supreme Court ruling regarding Bhushan Power & Steel will not affect this goal. JSW Steel will pursue brownfield expansions and establish a greenfield plant in Odisha. The company seeks refunds for payments made for the BPSL acquisition.
JSW moves Supreme Court to halt Bhushan Power and Steel Ltd liquidation
JSW Steel has appealed to the Supreme Court to halt the liquidation of Bhushan Power and Steel Ltd (BPSL), warning it would be detrimental to the company, lenders, and employees. This plea follows the Supreme Court's previous order to liquidate BPSL and refund JSW's payments, with the NCLT scheduled to hear a plea to initiate liquidation proceedings.
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JSW Steel evaluating legal options for troubled BPSL assets
JSW Steel implemented the resolution plan for Bhushan Steel and Power Ltd "in full compliance" and the company is now evaluating all options to reach a legal remedy, including review of the Supreme Court order.
JSW Steel Q4 Results: PAT rises 16% YoY to Rs 1,503 crore, revenue falls 3%
JSW Steel Q4 Results: JSW Steel on Friday reported 16% growth in its consolidated net profit at Rs 1,503 crore in the fourth quarter, compared with Rs 1,299 crore in the last year quarter.
JSW Steel seeks refund of Bhushan Power and Steel-linked payments
JSW Steel wants its money back. The company has asked banks for a refund related to its Bhushan Power and Steel resolution plan. This follows a Supreme Court decision that ordered BPSL's liquidation. JSW Steel also wants a 60-day delay in the liquidation process. The company is exploring its legal options after the court's ruling.
Tata Steel completes 5 MT expansion project at Kalinganagar; India capacity crosses 26 MT
Tata Steel has finished the second phase of expansion at its Kalinganagar plant in Odisha. This increases the company's total capacity in India to 26.1 million tonnes. The Kalinganagar plant's capacity is now 8 MT, up from 3 MT. The expansion cost Rupees 27,000 crore. Odisha Chief Minister Mohan Charan Majhi inaugurated the expanded plant.
NCLT adjourns Bhushan Power & Steel insolvency case hearing to May 26
The National Company Law Tribunal (NCLT) has postponed the Bhushan Power and Steel Limited (BPSL) insolvency case hearing to May 26, seeking counsel assistance to implement the Supreme Court's judgment. The Supreme Court had earlier overturned JSW Steel's acquisition of BPSL, citing IBC violations and ordering liquidation.
JSW Steel faces tax benefit reversal after Supreme Court scraps Bhushan Power takeover
JSW Steel may lose tax benefits gained from its 2020 acquisition of Bhushan Power and Steel (BPSL) after the Supreme Court scrapped the takeover. Under the Insolvency and Bankruptcy Code (IBC), companies can offset losses of the insolvent firm against profits. BPSL had Rs 7,000 crore in losses, which it offset after becoming profitable post-acquisition.
Don't understand law, we want our jobs protected: Odisha steel plant workers after SC order
Workers at a steel plant in Odisha's Jharsuguda fear job losses after the Supreme Court ordered the liquidation of its original owner, BSPL. Demonstrations are ongoing as employees, vendors, and traders express concern over their livelihoods. The plant, a key employer in the region, faces uncertainty, prompting calls for government intervention to protect jobs and the local economy.
Tata Steel aims to slash costs by Rs 10,000 crore to pare debt, fund growth
Tata Steel is planning cost savings of over ₹10,000 crore in FY26 to support its goals of reducing debt by $1 billion annually while continuing to invest in expansion, said Chief Financial Officer Koushik Chatterjee. The company ended FY25 with a net debt of ₹82,579 crore, higher than the previous year’s ₹77,550 crore.
NCLT adjourns hearing on Bhushan Power & Steel's promoter plea for a month
The National Company Law Tribunal has postponed the hearing on Bhushan Power & Steel's case. Sanjay Singhal, the former promoter, filed a petition. He seeks enforcement of a Supreme Court order. The order quashed JSW Steel's resolution plan. The court directed liquidation of Bhushan Power & Steel. Solicitor General Tushar Mehta suggested hearing all stakeholders.
India’s insolvency law has bankers going bald
India's bankruptcy code faces new challenges. A court ruling threatens to reverse completed resolutions. Lenders may have to return funds received from distressed asset sales. This decision creates uncertainty for investors. It also undermines the effectiveness of the insolvency process. The government must address these issues to restore confidence. Reforms are needed to ensure fair and predictable outcomes.
Steel Stocks: Uptick in domestic demand, dip in Chinese exports & dip in coal prices: will these push steel stocks up?
Indian steel companies faced challenges due to fears of a global slowdown and rising imports, which impact profitability. However, a revival is expected in the upcoming quarters, driven by lower raw material costs and a safeguard duty on imports. Long-term growth is anticipated, supported by infrastructure demand and softening Chinese exports, though global uncertainties remain a major concern.
Finmin asks banks to strengthen legal recovery processes
The finance ministry is pushing banks to tighten legal recovery processes by reviewing advocates, streamlining case allocation, and reconciling settled cases. This directive follows concerns raised by the Supreme Court regarding the Bhushan Power and Steel acquisition. Banks are urged to expedite resolutions, minimize delays in NCLT filings, and actively pursue the vacation of stay orders to resume stalled processes.
Bhushan Power ex-promoter moves NCLT to give effect to SC liquidation order
Sanjay Singal, former promoter of Bhushan Power and Steel, has appealed to the NCLT Delhi to enforce the Supreme Court's decision overturning JSW Steel's resolution plan for BPSL. The Supreme Court had nullified the ₹19,700 crore plan, citing non-compliance with IBC sections, and mandated liquidation proceedings. Singal's application seeks the Tribunal's directives to implement the apex court's verdict.
Bhushan Power creditors weigh legal options after SC scraps JSW Steel deal
Bhushan Power & Steel's creditors, including SBI and PNB, are evaluating legal options after the Supreme Court overturned JSW Steel's resolution plan and ordered liquidation. Lenders are considering a review petition and may re-engage legal advisors. The IBBI and DFS are also analyzing the ruling's broader implications for the IBC framework, given the practical challenges of unwinding the transaction.
Future tense for many past-perfect IBC deals: After JSW setback, past insolvency resolutions under the lens
A Supreme Court ruling impacts past insolvency resolutions. Some deals, similar to the JSW-Bhushan Power case, face scrutiny. These resolutions involved deferred payments or quasi-equity instruments. Ruchi Soya, Jaypee Infratech, and others are under observation. Experts report increased inquiries post the judgement. Patanjali Foods claims the ruling does not affect its Ruchi Soya acquisition.
Along with the Bhushan Power and Steel, JSW Steel case, RP under the spotlight, too
The Supreme Court stopped JSW Steel's purchase of Bhushan Power and Steel. This decision highlights Mahender Kumar Khandelwal's role. He was the resolution professional. The court cited delays and JSW Steel's funding. Khandelwal allegedly failed in his duties. He didn't seek extensions or verify JSW Steel's eligibility. Bhushan Power was among firms identified for resolution by RBI.
Not as simple as ABC, but miss IBC deadlines and liquidation looms
The Supreme Court's decision in the JSW Steel-Bhushan Power & Steel case brings attention to the delayed insolvency resolutions. Experts warn many companies may face liquidation. The court reaffirmed the 330-day deadline for resolution. Data shows many cases exceed this limit. Experts suggest quicker decisions are needed. Some believe auctioning assets upfront might be more efficient than prolonged CIRP processes.
Government to finalise view on liquidation of Bhushan Power and Steel soon, says DFS Secretary
The government is examining the Supreme Court's decision regarding the liquidation of Bhushan Power and Steel Ltd. M Nagaraju, secretary of the Department of Financial Services, stated that the government is consulting with senior advocates and lenders to determine the appropriate course of action. A final decision on how to proceed is expected soon.
Finalising response to SC's decision on JSW Steel-Bhushan deal: Govt officials
The Indian government is actively addressing the court order that nullified JSW Steel's acquisition of Bhushan Power and Steel. The Department of Financial Services has consulted with lenders and legal experts to analyze the judgment. A government response is being finalized soon, indicating a proactive approach to the situation.
BPSL creditors face big clawback after SC rejection of plan
The Supreme Court overturned JSW Steel's acquisition of Bhushan Power & Steel, potentially requiring creditors like Deutsche Bank and SBI to refund ₹19,350 crore within two months. This decision stems from a clause in the resolution plan mandating repayment if the acquisition was invalidated. The court also rejected JSW Steel's justification for delaying a significant equity infusion.
Big order, big impact: JSW Steel’s Bhushan Power buyout cancelled by SC over IBC violations
The Supreme Court has invalidated JSW Steel's resolution plan for Bhushan Power and Steel, citing non-compliance with the Insolvency and Bankruptcy Code due to timeline violations and funding structure. Banks face potential financial repercussions, including refunding payments. JSW Steel has legal avenues for review, while the future of Bhushan Power hangs in the balance, potentially facing liquidation.
JSW Steel may face 10-15% production hit, ₹4,500-crore Ebitda dent as Bhushan Power liquidation looms
JSW Steel faces potential setbacks as the Supreme Court deemed its acquisition of Bhushan Power & Steel illegal, potentially leading to liquidation. Analysts predict a 10-15% production decrease and a ₹4,000-4,500 crore Ebitda shortfall. Despite a potential refund, JSW Steel could incur a significant loss, impacting its growth plans and investor confidence, causing shares to tumble.
SC scraps JSW Steel’s ‘illegal’ Bhushan Power and Steel deal, orders liquidation
The Supreme Court has nullified JSW Steel's resolution plan for Bhushan Power and Steel Ltd, deeming it illegal and ordering liquidation. JSW's plan involved a significant haircut for lenders, offering Rs 19,350 crore to financial creditors and Rs 350 crore to operational creditors.
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