Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
Lenders to Bhushan Power & Steel (BPSL) are pursuing ₹6,155 crore in compensation from JSW Steel, citing significant delays in executing the approved resolution plan. Although JSW Steel acquired BPSL in March 2021 via a ₹19,700 crore insolvency settlement, lenders argue that implementation was delayed triggering substantial financial losses and entitling them to interest and EBITDA-based restitution.
In court filings, they highlighted that such delays allowed JSW to be “unjustly enriched.” The claim encompasses interest on delayed payments to financial creditors as well as operational creditors, and includes BPSL’s pre-acquisition EBITDA as part of due compensation. This development underscores the serious legal and financial intricacies involved in corporate insolvency proceedings and the obligations of resolution plan implementers.
Set against the backdrop of India’s Insolvency and Bankruptcy Code (IBC), this case reflects the growing scrutiny by lenders and regulators to enforce timely compliance with resolution timelines to protect creditor interests.
Also Read : Lenders expect to approve Vedanta demerger by May end L&T commissions India's first indigenously built green hydrogen electrolyser in Gujarat
Larsen and Toubro (L&T) declared bagging a major order gas pipeline project in the Middle East r...
Large Corporate 14-Mar-2024
The proposed Noida Airport is expected to provide direct access to Delhi’s Indira Gandhi Inter...
Construction 23-Jan-2024
15 major producers of long products in China are calling on the authorities to take measures to limi...
Ferrous 03-Apr-2024
India's ArcelorMittal Nippon Steel (AMNS) has taken over a 16 million metric tonne per annum (MMTPA)...
Logistics 18-Apr-2024
Adani Green Energy Limited (AGEL), the green arm of the Adani conglomerate, successfully secured fun...
Large Corporate 29-Jan-2024
The Ministry of Environment, Forests, and Climate Change granted an environmental clearance (EC) for...
Notification 19-Feb-2024