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The Supreme Court ruling quashing Bhushan Power & Steel’s (BPSL) resolution plan has upended JSW Steel’s ₹19,000 crore acquisition. Mint explains the recovery options—from a Supreme Court review to potential government intervention.
Why is it a big blow to JSW?
The Supreme Court ruling invalidating JSW Steel’s ₹19,700 crore acquisition of BPSL is a major blow to its growth ambitions, especially its 2030 target of achieving 50 million tonnes (mt) of steel capacity. JSW paid ₹19,350 crore to settle BPSL’s creditors. BPSL’s Odisha Jharsuguda plant contributed 13% to JSW’s total production and around 10-11% of Ebitda (earnings before interest, taxes, depreciation and…
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.
Over the past 15 years, 27 airlines have filed for bankruptcy, including the recent case of Silver Airways in December 2024. For passengers, these events can lead to confusion, frustration, and financial loss—especially when flights are canceled with little warning and refunds are hard to come by.
What Happens When an Airline Goes Bankrupt?
According to AirAdvisor’s legal team, airline bankruptcy doesn’t always mean operations will stop immediately. Some carriers file for reorganization (like Chapter 11 in the U.S.), allowing them to continue flying while restructuring. Others shut down entirely (such as under Chapter 7 liquidation), canceling all flights and laying off staff.
Understanding the type of bankruptcy is the first step in…
Founded in Sweden in 2019, the young company set out on a mission to build the electric truck of the future, and opted for a complete in-house development instead of converting a diesel model. Now, Volta Trucks is insolvent for the second time: both the company Volta Commercial Vehicles Limited in the UK and the subsidiary Volta Commercial Vehicles GmbH in Austria are insolvent.
The exact cause of the insolvency is not yet known, but there is a clear lack of sales, as production of the first Volta Zero model has been delayed for years. What is certain in any case is that the British insolvency administrator is now looking for investors for Volta. If this is not successful, liquidation will have to be initiated.
MANALAPAN, N.J., April 17, 2025 (GLOBE NEWSWIRE) — Navicore Solutions, a leading nonprofit credit counseling organization, has found a significant increase in Americans seeking debt management assistance in the first quarter of 2025. As credit card balances continue to increase despite soaring interest rates, Navicore offers more consumer education and support to consumers nationwide.
Americans now collectively owe a record $1.21 trillion on their credit cards, according to recent data from the Federal Reserve Bank of New York, with credit card balances jumping by $45 billion in the fourth quarter of 2024—a 7.3% increase from the previous year. This surge comes at a time when credit card interest rates average an astounding 23%,…
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An interest-only structure is naturally cheaper since there is no principal to worry about. It is particularly enticing for customers who intend to sell their property at some point in retirement and live off their existing equity.
“It’s really about giving customers flexibility. It’s really about giving them additional cash flow to help manage their lifestyle needs, particularly as they’re near retirement,” Christofides said.
Just how worse off are we?
Generational in-fighting would have you believe that the older generations have reaped the rewards of a buoyant housing market, only to pull the ladder up for Millennials and beyond.
But soaring living costs have shown no prejudice in who they…
Former employees of bankrupt Steward Health Care may soon collectively lose tens of millions of dollars in retirement savings, as financial reckoning continues for the system that once operated eight hospitals in Massachusetts.
Those employees put their trust — and their savings — with the company, only to see their retirement funds revert to Steward as it works to resurrect a viable business from what was the largest private, for-profit hospital network in the country.
Earlier this month, the federal bankruptcy court in Houston overseeing Steward’s Chapter 11 proceedings ordered the employees’ retirement programs dissolved. The order called for almost $60 million from the savings plans be transferred to Steward to pay off company…
