According to a CareEdge Ratings report in March, BPSL has long-term/ short-term bank facilities worth ₹14,030 crore and commercial paper of ₹1,000 crore on its books. The report said that the company’s profitability showcased improvement in FY24, largely on the back of an increase in the sale of value-added steel products.
BPSL, which owed ₹47,200 crore to banks, was among the first dozen companies which were sent for debt resolution by the RBI in 2017 under the IBC. When JSW Steel took over the company in 2021, the lenders indemnified that the amount paid to them would be refunded to the steelmaker in case the verdict by the Supreme Court goes against the acquirer. The payment to financial creditors in the IBC process for 100%…
