JSW Steel takeover of BPSL to be delayed as case moves to SC
After battling for more than two-and-a-half years, JSW Steel’s bid to take over the bankrupt Bhushan Power and Steel (BPSL) is far from over.
BPSL promoter Sanjay Singal has filed a petition in the Supreme Court against te National Company Law Appeallate Tribunal order clearing ₹19,700-crore bid of JSW Steel to acquire the bankrupt company under Insolvency and Bankruptcy Code.
The case is likely to come for hearing on Monday. JSW Steel was gearing up to pay the committed ₹19,700 crore before March 15.
Apart from questioning the authority of the NCLAT to provide immunity to JSW Steel from ongoing cases against BPSL, the petition has flagged the vesting of ₹3,000 crore profit made by BPSL to JSW Steel during the insolvency period.
