Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
JSW Steel requests ₹19,300 crore refund from banks.
Seeks 60-day stay on BPSL liquidation proceedings.
Supreme Court mandates refund within two months.
JSW Steel has formally requested a refund of ₹19,300 crore from banks, corresponding to payments made under its 2019 resolution plan for Bhushan Power and Steel Limited (BPSL). This move follows the Supreme Court's recent decision to annul the acquisition and order BPSL's liquidation.
In addition to the refund, JSW Steel has sought a 60-day pause on the liquidation proceedings to explore legal remedies, including the possibility of filing a review petition against the apex court's ruling.
The Supreme Court's May 2 verdict declared JSW Steel's resolution plan for BPSL non-compliant with the Insolvency and Bankruptcy Code (IBC) and mandated the return of payments made by JSW Steel to creditors and towards equity contributions within two months.
The National Company Law Tribunal (NCLT) is overseeing the liquidation process, with the Committee of Creditors (CoC) responsible for appointing a liquidator and supervising the proceedings.
The Supreme Court's decision has raised concerns among investors and legal experts about the predictability and stability of India's insolvency framework, potentially impacting future investments in distressed assets.
Also Read : Odisha's Industrial Growth Boosted by Tata Steel's ₹61,769 Crore NINL Expansion ArcelorMittal Cancels Green Steel Projects in Germany Over High Energy Costs
The Odisha Industrial Infrastructure Development Corporation has invited tenders for the first-phase...
Construction 19-Feb-2024
The Visakhapatnam Steel Plant has been severely hampered by a significant scarcity of coking coal, b...
Renewables 19-Apr-2024
As more and larger vehicles are selling at an explosive rate, India's consumption of petrol has more...
Oil & Gas 10-Apr-2024
The threat of cheap steel imports flooding Indian markets has returned to threaten Indian alloy prod...
Ferrous 15-May-2024
India's engineering goods exports, comprising steel and machinery, increased by 10.7% year on year i...
Business 26-Apr-2024
Coal production from captive and commercial mines increased 35% year on year to 39.53 million tonnes...
Energy 04-Jul-2024