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SC Rejects JSW's ₹20k Cr Bid for BPSL
The Morning Standard
|May 03, 2025
Court held JSW Steel's resolution plan 'illegal'; ordered liquidation of the debt-ridden company
In a major setback to Sajjan Jindal-led JSW Steel, the Supreme Court on Friday quashed the company's ₹19,700 crore resolution plan for Bhushan Power and Steel Ltd (BPSL), declaring it "illegal" and ordering the liquidation of the debt-ridden company.
A Bench comprising Justices Bela M Trivedi and Satish Chandra Sharma held that JSW Steel's plan violated provisions of the Insolvency and Bankruptcy Code (IBC), primarily because the bid was funded via a mix of equity and optionally convertible debentures (OCDs) instead of equity alone. The court cited the failure to implement the resolution plan within the stipulated timeline as a critical flaw.
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FLERE HISTORIER FRA The Morning Standard
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