This batch of six appeals, filed under Section 62 of the IBC, challenges a common NCLAT order dated February 17, 2020, related to the Corporate Insolvency Resolution Proceedings (CIRP) of M/s Bhushan Power and Steel Limited (BPSL). BPSL was identified by the RBI as a major corporate defaulter. Punjab National Bank initiated CIRP, and JSW Steel Ltd.'s Resolution Plan was approved by the CoC and NCLT (with conditions). The NCLAT modified these conditions. The Directorate of Enforcement (ED) subsequently issued a Provisional Attachment Order (PAO) against BPSL's assets, leading to further legal challenges and delays in the plan's implementation. An earlier Supreme Court order dated May 2, 2025, had quashed the NCLT/NCLAT judgments, rejected JSW's plan, and directed
…The Banking Regulation Act, 1949, was amended on May 4, 2017, empowering the Reserve Bank of India (RBI) to direct Indian Banks to initiate CIRP against major corporate defaulters.
On June 13, 2017, the RBI identified 12 large corporate defaulters, including M/s Bhushan Power and Steel Limited (BPSL), with outstanding debts of Rs. 5,000 crore and above.
Punjab National Bank (Respondent No. 5) filed a Company Petition under Section 7 of the IBC, which the NCLT admitted on July 26, 2017, commencing the CIRP against BPSL.
On July 28, 2017, the Interim Resolution Professional (IRP) invited claims from creditors and stakeholders, admitting claims of Rs. 4,72,04,51,78,073.88 for Financial Creditors and Rs. 6,21,37,61,735 for Operational Creditors.
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The Banking Regulation Act, 1949, was amended,…
The RBI, via circular, identified 12 large…
This batch of six appeals, filed under Section 62 of the IBC, challenges a common NCLAT order dated February 17, 2020, related to the Corporate Insolvency Resolution Proceedings (CIRP) of M/s Bhushan Power and Steel Limited (BPSL). BPSL was identified by the RBI as a major corporate defaulter. Punjab National Bank initiated CIRP, and JSW Steel Ltd.'s Resolution Plan was approved by the CoC and NCLT (with conditions). The NCLAT modified these conditions. The Directorate of Enforcement (ED) subsequently issued a Provisional Attachment Order (PAO) against BPSL's assets, leading to further legal challenges and delays in the plan's implementation. An earlier Supreme Court order dated May 2, 2025, had quashed the NCLT/NCLAT judgments, rejected JSW's plan, and directed
…The Banking Regulation Act, 1949, was amended on May 4, 2017, empowering the Reserve Bank of India (RBI) to direct Indian Banks to initiate CIRP against major corporate defaulters.
On June 13, 2017, the RBI identified 12 large corporate defaulters, including M/s Bhushan Power and Steel Limited (BPSL), with outstanding debts of Rs. 5,000 crore and above.
Punjab National Bank (Respondent No. 5) filed a Company Petition under Section 7 of the IBC, which the NCLT admitted on July 26, 2017, commencing the CIRP against BPSL.
On July 28, 2017, the Interim Resolution Professional (IRP) invited claims from creditors and stakeholders, admitting claims of Rs. 4,72,04,51,78,073.88 for Financial Creditors and Rs. 6,21,37,61,735 for Operational Creditors.
…The Banking Regulation Act, 1949, was amended,…
The RBI, via circular, identified 12 large…