SC scraps JSW Steel's Bhushan Power & Steel resolution, orders liquidation
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The Supreme Court on Friday rejected JSW Steel’s ₹19,700-crore resolution plan for Bhushan Power and Steel Ltd (BPSL), terming it "illegal" and ordering the liquidation of the debt-ridden company.
The plan has been earlier approved by BPSL’s Committee of Creditors (CoC). On this the apex court stated that the plan violated insolvency law as JSW had used a mix of equity and optionally convertible debentures (OCDs) to fund the takeover, instead of equity alone. It also flagged the failure to implement the resolution within the stipulated timeline.
Following the verdict, JSW Steel’s shares dropped 5 per cent on the bourses.
The verdict is a major setback for JSW Steel, which had been vying to acquire the debt-laden firm through insolvency proceedings. The court’s decision may alsohave wider implications for future resolution plans under the Insolvency and Bankruptcy Code (IBC).
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