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Finance Ministry to assist lenders on JSW Steel-BPSL verdict impact.
Meetings planned with banks and legal teams for financial risk review.
Focus on protecting banking sector and steel industry stability.
The Ministry of Finance has stepped in to assist Indian lenders in reviewing the implications of the Supreme Court's recent verdict that scrapped JSW Steel’s acquisition plan for Bhushan Power & Steel Limited (BPSL). The apex court’s decision, which overturned the approved resolution plan, has sent ripples through the financial and steel sectors alike.
Senior government officials confirmed that the Finance Ministry is working closely with state-run and private banks to assess potential financial exposure and risks arising from the cancellation of the ₹19,700 crore acquisition deal. Financial institutions had backed JSW Steel’s bid under the Insolvency and Bankruptcy Code (IBC) framework.
Sources indicated that a series of meetings are scheduled between ministry officials, legal advisors, and lender representatives to chart out a roadmap for managing stressed assets and safeguarding banking sector interests. The government aims to ensure minimal disruption to the steel sector's stability and financial ecosystem.
The development comes amid broader policy discussions to reinforce India’s insolvency resolution mechanism after high-profile corporate insolvency cases witnessed prolonged legal challenges.
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