bhushan power steel

The National Company Law Appellate Tribunal (NCLAT) on Monday allowed JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate.

Tata Steel today said it has won a bid to acquire bankrupt Bhushan Steel Ltd for an undisclosed sum of money.Industry sources put the acquisition price at Rs 35,000 crore.

The National Company Law Appellate Tribunal will hear the plea of JSW Steel, which has emerged as the highest bidder for Bhushan Power & Steel Ltd, seeking immunity from the ongoing cases of money laundering against the latter on October 14. It also directed impleading the ministry of corporate affairs, the CBI and the Enforcement Directorate as party in the matter.

The National Company Law Appellate Tribunal (NCLAT) on Monday asked the Enforcement Directorate (ED) to release the attached properties of Bhushan Power and Steel and directed the agency not to attach any further assets without its permission. The appellate tribunal also put the Rs 19,700-crore payout by the JSW Steel to buy the debt-ridden company on hold till further orders.

Over 85% of the ongoing corporate insolvency cases have dragged beyond 270 days, which was the upper limit for finalisation of the process. Latest data released by the Insolvency & Bankruptcy Board of India (IBBI) on Monday showed that up to December, 1,481 of the 1,717 pending cases had extended beyond 270 days.

Brij Bhushan Singal, chairman of Bhushan Steel has finally managed to settle family feud between his sons Sanjay and Neeraj with respect to their cross-holdings in listed Bhushan Steel and unlisted Bhushan Power and Steel Ltd.

New Delhi, Jul 19 () The National Company Law Tribunal today reserved order on insolvency pleas against Bhushan Steel as well as Bhushan Steel and Power even as it 'wondered' as to why RBI had to issue directions to banks to initiate bankruptcy proceedings against big defaulters.

New Delhi, Aug 29 () Tata Steel said today that the existing power purchase pact between Bhushan Steel, the debt-laden company which it acquired, and Bhushan Energy is in under discussion.

New Delhi, Mar 9 () The creditors' panel will next week declare the highest preferred bidder for acquiring the assets of Bhushan Power and Steel amid the resolution process for the debt-laden firm being marred by controversy, sources said.

The National Company Law Appellate Tribunal (NCLAT) on Friday asked the Enforcement Directorate to file a final affidavit containing developments related to attachment of Bhushan Power & Steel Ltd (BPSL) assets.

New Delhi, Apr 23 () The National Company Law Tribunal (NCLT) today asked the lenders of Bhushan Power & Steel, led by PNB, to consider the bid submitted by UK-based Liberty House for the debt-ridden company.

The National Company Law Appellate Tribunal (NCLAT) will hear JSW Steel’s plea on Monday seeking immunity from criminal proceedings in a bank fraud case against Bhushan Power’s erstwhile promoter. Billionaire Sajjan Jindal-owned JSW Steel has bagged Bhushan Power through the bankruptcy process for Rs 19,700 crore.

New Delhi, Jul 26 () The National Company Law Tribunal today allowed banks to initiate insolvency proceedings against Bhushan Steel and another firm, Bhushan Steel and Power.

Since the plea has been admitted by the NCLT, there is a 180-day timeline to decide on a resolution plan in accordance with the Insolvency and Bankruptcy Code (IBC), 2016.

JSW has its manufacturing units in south, west and central parts of India, the last one gained through the acquisition of the bankrupt Monnet Ispat in July this year. Bhushan Power, which owes over Rs 47,700 crore to creditors, has a 3.5-million-tonne facility in Odisha. Besides Bhushan Power, JSW in partnership with Russia’s VTB is in the race for the debt-laden Essar Steel.

New Delhi, Feb 15 () Resolution professionals of Bhushan Steel Ltd and Bhushan Power and Steel Ltd (BPSL) are likely to meet creditors of the bankrupt firms tomorrow, according to a source.

The high-level clearance authority (HLCA) led by chief minister Naveen Patnaik on Tuesday approved five investment proposals worth Rs 1.46 lakh crore in metal sector, with an aim to double state’s steel production over next a few years.

New Delhi, Feb 21 () The Committee of Creditors has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel Ltd, leaving Tata Steel and JSW Steel in the race for taking over the assets of the bankrupt firm, a source said.