As the Supreme Court rejected the resolution plan of JSW Steel for Bhushan Power and Steel Limited (BPSL) almost six years after its approval by NCLT, we take a relook at the corporate insolvency resolution process of the corporate debtor.
Background
Bhushan Power and Steel Limited (BPSL) was one of the 12 major accounts identified by the Reserve Bank of India (RBI) in its circular dated 13.06.2017, for resolution under the Insolvency and Bankruptcy Code (IBC). These 12 accounts, including BPSL, constituted about 25% of the total non-performing assets in the country.
Key Events
- CIRP Initiation: The Corporate Insolvency Resolution Process (CIRP) against BPSL was initiated by Punjab National Bank, which filed a…
