Public sector lenders led by Punjab National Bank (PNB) will soon file a review petition in the Supreme Court seeking a stay on the implementation of its recent judgement rejecting JSW Steel’s insolvency resolution plan for Bhushan Power and Steel (BPSL), and ordering the latter’s liquidation.
“Banks will file the review petition as public money is involved,” a senior official said on Tuesday, requesting not to be identified.
The lenders’ decision to lodge a review petition follows a prompt review of the court order by the government.
Besides PNB, the Committee of Creditors (CoC) for BPSL insolvency included State Bank of India, Bank of Baroda, Indian Bank, Canara Bank, and Indian Overseas Bank, among others.
Both the…
