{"id":361805,"date":"2020-07-08T10:18:04","date_gmt":"2020-07-08T04:48:04","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=361805"},"modified":"2020-07-08T10:38:45","modified_gmt":"2020-07-08T05:08:45","slug":"ibc-faces-test-again-as-top-court-hears-bhushan-power-steel-case","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ibc-faces-test-again-as-top-court-hears-bhushan-power-steel-case\/","title":{"rendered":"IBC faces test again as top court hears Bhushan Power &amp; Steel case"},"content":{"rendered":"<p>The Supreme Court will have its task cut out in settling yet another contentious aspect of the Insolvency and Bankruptcy Code (IBC), once it starts hearing the Bhushan Power &amp; Steel (BPSL) case.<\/p>\n<p>Although the Essar Steel judgment provided some clarity about eligibility and Section 29A, the BPSL case will test the applicability of the newly formulated Section 32A, which provides immunity to the corporate debtor.<\/p>\n<p>The Enforcement Directorate (ED), which had issued a provisional order of attachment of BPSL\u2019s assets \u2014 valued at Rs 4,025 crore \u2014 in October 2019, has objected to the applicability of Section 32A of the insolvency law to the JSW-Bhushan deal. It has cited two reasons for the same.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court will have its task cut out in settling yet another contentious aspect of the Insolvency and Bankruptcy Code (IBC), once it starts hearing the Bhushan Power &amp; Steel (BPSL) case. Although the Essar Steel judgment provided some clarity about eligibility and Section 29A, the BPSL case will test the applicability of the newly formulated Section 32A, which provides immunity to the corporate debtor. The Enforcement Directorate (ED), which had issued a provisional order of attachment of BPSL\u2019s assets \u2014 valued at Rs 4,025 crore \u2014 in October 2019, has objected to the applicability of Section 32A of [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,232],"tags":[],"class_list":["post-361805","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-power-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/361805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=361805"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/361805\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=361805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=361805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=361805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}