This case involves a batch of appeals stemming from a common impugned Judgment and Order dated 17.02.2020 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi, concerning company appeals filed by various parties related to the corporate insolvency resolution process (CIRP) of Bhushan Power and Steel Limited (BPSL). The CIRP was initiated against BPSL at the instance of Punjab National Bank after the Reserve Bank of India (RBI) identified BPSL as one of the 12 big accounts for resolution under the Insolvency and Bankruptcy Code (IBC). The appeals challenge the approval of the resolution plan submitted by JSW Steel Ltd. and raise issues regarding the eligibility of JSW, the treatment of operational creditors, and the powers of the Directorate of
…The Reserve Bank of India (RBI) identified Bhushan Power and Steel Limited (BPSL) as one of the 12 major accounts for resolution under the Insolvency and Bankruptcy Code (IBC). Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against BPSL, which was admitted by the NCLT on 26.07.2017. The Interim Resolution Professional (IRP) invited claims from stakeholders, and the Resolution Professional admitted claims of INR 4,72,04,51,78,073.88 from Financial Creditors and INR 6,21,37,61,735 from Operational Creditors. JSW, Tata Steel, and Liberty House submitted resolution plans. JSW's plan was approved by the Committee of Creditors (CoC) and subsequently by the NCLT on 05.09.2019, subject to certain conditions. The Directorate of Enforcement (ED)
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The NCLT admitted the Company Petition filed by…
The NCLT approved the…
This case involves a batch of appeals stemming from a common impugned Judgment and Order dated 17.02.2020 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi, concerning company appeals filed by various parties related to the corporate insolvency resolution process (CIRP) of Bhushan Power and Steel Limited (BPSL). The CIRP was initiated against BPSL at the instance of Punjab National Bank after the Reserve Bank of India (RBI) identified BPSL as one of the 12 big accounts for resolution under the Insolvency and Bankruptcy Code (IBC). The appeals challenge the approval of the resolution plan submitted by JSW Steel Ltd. and raise issues regarding the eligibility of JSW, the treatment of operational creditors, and the powers of the Directorate of
…The Reserve Bank of India (RBI) identified Bhushan Power and Steel Limited (BPSL) as one of the 12 major accounts for resolution under the Insolvency and Bankruptcy Code (IBC). Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against BPSL, which was admitted by the NCLT on 26.07.2017. The Interim Resolution Professional (IRP) invited claims from stakeholders, and the Resolution Professional admitted claims of INR 4,72,04,51,78,073.88 from Financial Creditors and INR 6,21,37,61,735 from Operational Creditors. JSW, Tata Steel, and Liberty House submitted resolution plans. JSW's plan was approved by the Committee of Creditors (CoC) and subsequently by the NCLT on 05.09.2019, subject to certain conditions. The Directorate of Enforcement (ED)
…The NCLT admitted the Company Petition filed by…
The NCLT approved the…