Lenders to Bhushan Power and Steel (BPSL) will have to wait beyond the March quarter to receive payment of Rs 19,350 crore from the approved bidder as JSW Steel has missed the payment deadline of March 16 and is unlikely to make payment this month, sources close to development told FE. This comes as a big jolt to banks who were pinning hopes on a major chunk of recovery coming due to BPSL resolution in March quarter. The lead lender State Bank of India (SBI) alone was expecting to recover around Rs 4,000 crore from BPSL resolution.
