JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
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 : Power Grid grants GE T&D India multi-crore orders Andhra Pradesh Set to Host ₹1.35 Lakh Cr ArcelorMittal–Nippon Steel Plant
Coal Public Sector Enterprises (CPSEs) have emerged as significant contributors to India's economic...
Notification 05-Mar-2024
The Brazilian mining industry is poised for substantial growth, with the country's Institute IBRAM f...
Latin America 05-Feb-2024
Jaydeep Steelwork India Pvt Ltd has signed an MoU with the Maharashtra government to set up an integ...
India 20-Sep-2025
Aluminium prices on Friday declined 35 paise to ₹198.40 per kilogram in the futures market as partic...
Ferrous 23-Feb-2024
Power Finance Corporation Ltd (PFC) has offered to underwrite the entire debt of ₹27,283 crore to bu...
Logistics 12-Apr-2024
Giving new impetus to the progress of Jabalpur with better road connectivity, today Union Minister N...
Press Releases 30-Jan-2024