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Time of India
4 days ago
- Business
- Time of India
BPSL's ex-RP files review plea in SC over cancellation of JSW Steel takeover
Bhushan Power and Steel 's ( BPSL ) former resolution professional (RP) Mahender Khandelwal has filed a review petition in Supreme Court which has cancelled JSW Steel 's resolution plan for the company, according to sources in the know. The apex court had on 2 May cancelled the five year old takeover of Bhushan Power and Steel by JSW Steel . The RP has claimed that certain documents were overlooked in the judgement. He claims he had undertaken a review to ensure JSW Steel's past connection with BPSL was checked. He also claimed he had filed the Form H as required from an RP. He also claims he sought relevant extension from NCLT and NCLAT for condoning delays in the resolution process. The Supreme Court had found several flaws in the resolution process including delays in implementation of the resolution plan by JSW Steel. It had said creditors received payments with a delay of 540 days. The RP has also claimed he had filed avoidance applications to identify and rectify transactions that were undertaken under BPSL's former management that were detrimental to the company's interest. As per established procedure, the RP is supposed to identify wrongful transactions and report them to national company law tribunal. The apex court in its judgement had found deficiencies on this count as well by BPSL's RP.
Time of India
4 days ago
- Business
- Time of India
BPSL's ex-RP files review plea in SC over cancellation of JSW Steel takeover
Bhushan Power and Steel 's ( BPSL ) former resolution professional (RP) Mahender Khandelwal has filed a review petition in Supreme Court which has cancelled JSW Steel 's resolution plan for the company, according to sources in the know. The apex court had on 2 May cancelled the five year old takeover of Bhushan Power and Steel by JSW Steel. The RP has claimed that certain documents were overlooked in the judgement. He claims he had undertaken a review to ensure JSW Steel 's past connection with BPSL was checked. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Algiers: Bathroom Remodeling Trends in 2025 May Surprise You Bathroom Remodeling | Search Ads Search Now Undo He also claimed he had filed the Form H as required from an RP. He also claims he sought relevant extension from NCLT and NCLAT for condoning delays in the resolution process. The Supreme Court had found several flaws in the resolution process including delays in implementation of the resolution plan by JSW Steel. It had said creditors received payments with a delay of 540 days. Live Events The RP has also claimed he had filed avoidance applications to identify and rectify transactions that were undertaken under BPSL's former management that were detrimental to the company's interest. As per established procedure, the RP is supposed to identify wrongful transactions and report them to national company law tribunal. The apex court in its judgement had found deficiencies on this count as well by BPSL's RP.
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Business Standard
11-05-2025
- Business
- Business Standard
BPSL case: JSW Steel likely to cite NCLT 2019 order in SC review plea
JSW Steel is preparing a review petition before India's Supreme Court (SC) after its resolution plan for Bhushan Power & Steel (BPSL) was struck down last month. The steelmaker is expected to cite a 2019 order from the National Company Law Tribunal (NCLT), which acknowledged the resolution professional's submission of Form H — certifying JSW's eligibility under the Insolvency and Bankruptcy Code (IBC). Separate review petitions will also be filed by the lenders and the resolution professional, people familiar with the matter said. The top court had invalidated JSW's resolution plan, citing the resolution professional's failure to file Form H and a lack of upfront equity infusion from JSW Steel. The judgment has thrown into uncertainty a high-profile insolvency resolution once hailed as a success under India's bankruptcy framework. JSW's legal team is likely to argue that the funding structure — based on compulsory convertible preference shares — was effectively an equity infusion, according to a legal source. The review petitions, expected to be filed by the company, its lenders, the resolution professional, and the government, will aim to highlight what they describe as 'errors in the judgment'. JSW Steel declined to comment. Senior Advocate Nalin Kohli, speaking on the broader context, said, 'The company not only turned around but also expanded capacity and doubled its workforce — fulfilling the IBC's objectives.' He added that BPSL was among the 'dirty dozen' companies flagged by the Reserve Bank of India in 2017 for fast-track insolvency resolution and that the latest verdict reopens the case after four years of stability. Sanjay Singhal, the former promoter of Bhushan Power, has already filed an application with the NCLT's New Delhi Bench seeking to enforce the SC order and push the company into liquidation. The move threatens to undo JSW's ₹19,700 crore acquisition and subsequent investments, which increased BPSL's steelmaking capacity from 2.5 million tonnes per annum (mtpa) to 4.5 mtpa. The SC had found JSW Steel ineligible under Section 29A of the IBC due to an undisclosed joint venture with an entity linked to BPSL's former promoters. It ruled that the resolution professional failed in his statutory duties, including vetting eligibility under the Code. Bhushan Power, which owes lenders more than ₹47,200 crore, was among the first 12 companies sent for insolvency proceedings under the IBC in 2017. The upcoming legal battle is expected to be protracted, with major financial implications for both lenders and JSW Steel, say legal sources.
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Business Standard
11-05-2025
- Business
- Business Standard
Lenders, JSW to file review petition in SC on Bhushan Power & Steel case
JSW Steel and lenders will move the Supreme Court after its verdict struck down the BPSL resolution plan, citing lack of Form H and equity infusion in the structure Dev Chatterjee Mumbai Listen to This Article JSW Steel is preparing a review petition before India's Supreme Court after its resolution plan for Bhushan Power & Steel Ltd (BPSL) was struck down last month. The steelmaker is expected to cite a 2019 order from the National Company Law Tribunal (NCLT), which acknowledged the resolution professional's submission of Form H—certifying JSW's eligibility under the Insolvency and Bankruptcy Code (IBC). Separate review petitions will also be filed by the lenders and the resolution professional, people familiar with the matter said.
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Business Standard
05-05-2025
- Business
- Business Standard
SC flags RP's failures in Bhushan Power and Steel's insolvency plan
Supreme Court cites non-compliance by resolution professional in Bhushan Power case, declaring JSW Steel's plan illegal and urging greater due diligence under IBC Dev Chatterjee Mumbai Listen to This Article The Supreme Court has cited serious lapses by the resolution professional (RP) of Bhushan Power and Steel and non-disclosure of key information, in a verdict that could reshape the due diligence process under the Insolvency and Bankruptcy Code (IBC), say legal experts. The apex court ruled that the resolution plan was 'illegal' due to the failure of resolution professional Mahender Kumar Khandelwal to submit mandatory compliance certifications, including Form H — a crucial requirement under Regulations 39(4) and 39(6) of the Corporate Insolvency Resolution Process (CIRP) Regulations. The court stated that the omission was not procedural but a material lapse
