NEW DELHI: The Supreme Court’s decision to revoke the resolution plan of Bhushan Power and Steel Ltd (BPSL) could burn a ₹22,000 crore hole in the consolidated turnover of JSW Steel. BPSL, which was acquired by the Sajjan Jindal-promoted JSW Steel in 2021, earned revenue of ₹21,800 crore in FY24 and posted a total profit…
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The Supreme Court on Friday rejected steel major JSW Steel Ltd’s Rs 19,350 crore bid to acquire Bhushan Power and Steel Ltd (BPSL) through the Corporate Insolvency Resolution Process (CIRP) route, and ordered the liquidation of the company. While ordering the liquidation, the biggest in the corporate history, a bench of Justice Bela Trivedi and…
SC scrapped Bhushan Power and Steel deal to protect IBC, not undermine it The Morning Context Read the original article here
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…
Date published: 2 May 2025 The High Court has made a disqualification order against the director of a company involved in other sports activities. The Order was made for five years against Mark Allen (39) of The Grange, Antrim, in respect of his conduct as director of Mark Allen (NI) Limited (“the Company”). The Company…
The Supreme Court on Friday held JSW Steel Ltd’s acquisition of Bhushan Power & Steel Ltd as illegal and ordered the liquidation of the beleaguered steelmaker. In an order, the apex court ordered that the resolution plan submitted by JSW Steel in 2019 be rejected. JSW Steel had won the bid to acquire Bhushan Power…
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The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Baurn Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that in a joint application filed by operational creditors under Section 9 of the Insolvency and Bankruptcy Code, 2016 (the Code), the threshold limit prescribed under…
Moorcroft had warned in March of possible redundancies and at the time cited rising costs and falling sales. The news of the firm’s collapse was the latest blow to the industry in Stoke-on-Trent, a place affectionately known as The Potteries. Heraldic Pottery in Newstead also announced liquidation in February and that followed the closure of…