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As the Supreme Court rejected the resolution plan of JSW Steel for Bhushan Power and Steel Limited (BPSL) almost six years after its approval by NCLT, we take a relook at the corporate insolvency resolution process of the corporate debtor.
Background
Bhushan Power and Steel Limited (BPSL) was one of the 12 major accounts identified by the Reserve Bank of India (RBI) in its circular dated 13.06.2017, for resolution under the Insolvency and Bankruptcy Code (IBC). These 12 accounts, including BPSL, constituted about 25% of the total non-performing assets in the country.
Key Events
CIRP Initiation: The Corporate Insolvency Resolution Process (CIRP) against BPSL was initiated by Punjab National Bank, which filed a…
The High Court has made a disqualification order against the director of a company involved in other sports activities.
The Order was made for five years against Mark Allen (39) of The Grange, Antrim, in respect of his conduct as director of Mark Allen (NI) Limited (“the Company”).
The Company was involved in other sports activities with a registered office at 3rd Floor, 2 Market Place, Carrickfergus, Co. Antrim, BT38 7AW. The Company went into liquidation on 17 September 2021 with an estimated deficiency as regards creditors of £605,816.65. There was a total of £1 owing as Share Capital,…
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A major contributor to the success of Nigeria’s debt relief attempts in the 1980s to early 2000s rested on the fact that the creditor base was less fragmented than it is today. Moreover, privateand bilateral creditors were hardly in the mix.
In 2004, 85.82 per cent of Nigeria’s sovereign debt was owed to the Paris Club, while commercial and multilateral creditors had 6.12 per cent and 7.86 per cent, respectively. On the other hand, data from the DMO shows a more diversified creditor portfolio as of July 2024. About 50.41 per cent ($21.6 billion) of total sovereign debt is owed to multilateral creditors, which include the IMF, World Bank Group and AfDB. 13.72 per cent ($5.887 billion) is owed to bilateral creditors such…
On the receiving end of the ruling was JSW Steel Ltd. The company, among India’s largest steelmakers, acquired BPSL through a winning ₹19,000 crore bid in 2021, injected capital, integrated operations, and gained control of its assets, but now finds its plans quashed.
A Supreme Court bench led by Justices Bela Trivedi and Satish Sharma effectively mandated the liquidation of BPSL, marking a dramatic end to the longest-running insolvency case under India’s Insolvency and Bankruptcy Code.
Mint breaks down the key aspects of the judgment, the reasons behind it, its immediate fallout, and why this ruling could redefine India’s insolvency resolution landscape.
The Supreme Court on Friday held JSW Steel Ltd’s acquisition of Bhushan Power & Steel Ltd as illegal and ordered the liquidation of the beleaguered steelmaker.
In an order, the apex court ordered that the resolution plan submitted by JSW Steel in 2019 be rejected. JSW Steel had won the bid to acquire Bhushan Power & Steel under the insolvency and bankruptcy code for a little less than Rs 20,000 crore. It had beaten Tata Group and UK-based Liberty Group to win the asset. The acquisition was later concluded in 2021.
At the time, this was the second largest acquisition under the IBC.
Bhushan Power & Steel was one of the 12 companies shortlisted by the Reserve Bank of India in 2017 for insolvency proceedings. Bhushan Power owed its lenders…
A Singaporean man has been ordered to repay more than 38 million Australian dollars ($25.7 million) after he lost big during a gambling spree at an Australian casino over the span of a few days.
Queensland’s Supreme Court ruled Monday that Yew Choy Wong owed that amount to the Star Gold Coast, as well as the casino’s legal fees and interest. He had racked up losses of 47.3 million Australian dollars ($31.5 million) there between July 26 and August 2, 2018.
Wong fled the country without settling his bill, according to court documents. The casino tried to recoup its losses using a blank check Wong had given its…
Though gambling exists in every state, even Hawaii and Utah, where gambling is prohibited by law, not all gambling is the same.
For some, gambling is more than a hobby, it is an addiction, and the problem is much bigger in some states than others.
“Recreational” or “social” gamblers buy the occasional lottery ticket, take the rare casino trip or bet small stakes in fantasy sports. But they also are mentally able to quit at any point and prevent catastrophic financial loss.
But when the business or pleasure gets out of control, gambling becomes a real medical condition, and WalletHub recently researched where in the U.S. the problem is most prevalent.
What is gambling disorder?
Gambling disorder, as it’s known, affects about 1 to…
Pop-up events aim to boost benefit take-up and provide vital debt support to help the public deal with rising costs.
Renfrewshire Council is supporting residents through a series of pop-up advice events across the area.
The Advice Works team will be visiting libraries and community centres throughout May and early June to offer free, confidential advice on money, debt, and benefits. Drop-in sessions are open to everyone and will help ensure people are getting all the support they’re entitled to.
Advisors will be on hand to answer any questions people may have about benefits, including whether they qualify and how to apply.
They can provide advice on accessing support such as Housing Benefit, Universal…
The Ministry of Manpower noted that 60 textile companies may soon go bankrupt after being severely hit by financial problems since 2023 and due to the issuance of import regulations.
Immanuel Ebenezer, Deputy Minister of Manpower, accused the issuance of the Minister of Trade Regulation (Permendag) No. 8/2024 as the main cause of the collapse of these textile companies.
The 2024 Trade Minister regulation, which is about import policies and regulations, is the fourth revision of the same regulation.
Heru Widianto, Director of Institutions and Prevention of Industrial Relations Disputes at the Ministry of Manpower, said that the revision of…
My husband and I, who are retired, have accumulated about $7,000 in credit card debt over the past few years and need some help paying it off. What can you tell us?
I’m sorry to hear about your financial woes but know that you’re not alone. Credit card debt has become a big problem in this country for millions of older Americans. According to a recent AARP report, 52 percent of adults ages 50 to 64 have credit card debt, along with 42 percent of those ages 65 to 74.
Rising costs of basic expenses like food, housing, utilities and health care are the main culprits. But now, new tariffs on products…
