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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.
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