The insolvency proceedings for Bhushan Power & Steel and Jyoti Structures might be hit as their resolution professionals have quit audit firm BDO India and joined rival Price Waterhouse. BDO India has filed a petition in the Bombay High Court against two of its partners, Mahendar Khandelwal (Bhushan Power & Steel) and Vandana Garg (Jyoti Structures). The petition is likely to be heard later this week. Tata Steel was the highest bidder for Bhushan Power & Steel. The lenders committee for the company, which owes Rs 470 billion, is scheduled to meet on Wednesday to announce Tata Steel as the highest bidder, subject to approval by the National Company Law Tribunal (NCLT). The resolution pr…
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