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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.
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