The Supreme Court on May 2 rejected the resolution plan submitted by JSW Steel for Bhushan Steel and Power Ltd (BSPL) on May 2 and ordered the liquidation of BSPL under the IBC. A bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma criticised the conduct of all key stakeholders in the resolution…
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The Supreme Court’s verdict ordering the liquidation of Bhushan Power and Steel (BPSL) has reignited uncertainty over one of India’s largest insolvency resolutions, dragging the acquirer JSW Steel into potentially a complex legal and financial quagmire, say experts. The apex court on May 2 rejected JSW Steel’s resolution plan to acquire Bhushan Power and Steel,…
GrowthOps, the parent company of agencies including AJF Partnership, Khemistry, and APD, has entered administration and is undergoing liquidation for most of its entities. Administrators, Katherine Sozou and Damien Pasfield of McGrathNicol, were appointed on 31 March to oversee the voluntary administration process of three business units – GrowthOps Limited, Asia-Pacific Digital (APD) and a…
Latest annual data analysis by the Accountant in Bankruptcy has shown that there were 1,175 corporate insolvencies in the year 2024-2025. This was a slight increase of 0.6% from 2023-2024’s figure of 1,168, and an increase of 3.8% on 2022-2023’s figure of 1,132. Separate quarterly figures (fourth quarter 2024-25) showed that registered companies becoming insolvent…
New Delhi: The Supreme Court on Friday ordered the liquidation of Bhushan Power and Steel Ltd (BPSL), rejecting JSW Steel’s resolution plan for the bankrupt company. The apex court held that the ₹19,700-crore resolution plan submitted by JSW Steel was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code (IBC). The court…
The Supreme Court on Friday issued orders for the liquidation of debt-ridden Bhushan Power and Steel Limited (BPSL), after rejecting the resolution plan worth Rs 9,700 crore, proposed by JSW Steel Limited. Terming the resolution plan as unconstitutional, the Bench of Justice Bela Trivedi and Justice Satish Chandra Sharma ruled that the Committee of Creditors…
The ED had previously attached Bhushan Power’s assets under Section 5 of the Prevention of Money Laundering Act, 2002 (PMLA) because the former promoters of BPSL were accused of defrauding banks and diverting funds for personal gains. The Committee of Creditors (CoC) challenged the ED attachment during the corporate insolvency resolution process (CIRP), claiming it…
New Delhi: The Supreme Court on Friday ordered the liquidation of Bhushan Power and Steel Ltd (BPSL), rejecting JSW Steel’s resolution plan for the bankrupt company. The apex court held that the ₹19,700-crore resolution plan submitted by JSW Steel was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code (IBC). The court…
Section 410 of the Companies Act, 2013 created the National Company Law Appellate Tribunal (NCLAT) with effect from June 1, 2016, to consider appeals against the decisions of the National Company Law Tribunal(s) (NCLT). When it comes to appeals against NCLT(s) orders issued under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC), NCLAT…