At the time, the company owed over Rs 47,000 crore to financial creditors and more than Rs 780 crore to operational creditors. Its financial woes were further exacerbated by a high-profile investigation by the Enforcement Directorate (ED) into alleged loan diversion of Rs 4,025 crore by its former promoters. In October 2019, the ED provisionally attached BPSL’s assets under the Prevention of Money Laundering Act (PMLA), citing them as proceeds of crime.
JSW Steel had emerged as the successful resolution applicant in 2019, offering over Rs 19,000 crore to financial creditors. The plan was approved by the National Company Law Tribunal (NCLT) in September 2019 and subsequently upheld by the National Company Law Appellate Tribunal…
