JSW Steel Faces Legal Hurdle as Supreme Court Orders Liquidation of Bhushan Steel and Power Ltd
JSW Steel is grappling with the Supreme Court's rejection of its resolution plan for Bhushan Steel and Power Ltd, deemed illegal under the Insolvency and Bankruptcy Code. The company explores legal remedies and maintains control over BPSL's financials while reporting solid performance in recent quarters.
- Country:
- India
In a significant legal setback, JSW Steel's resolution plan for Bhushan Steel and Power Ltd (BPSL) has been deemed illegal by the Supreme Court, citing violations of the Insolvency and Bankruptcy Code (IBC).
The bench criticized key stakeholders and ordered BPSL's liquidation. Despite this, JSW is exploring legal avenues to challenge the decision, asserting that the resolution plan was implemented in full compliance.
The company remains optimistic, with strong financial performance and continued operations from BPSL, maintaining its consolidated financial statements impact as minimal while anticipating an early resolution.
(With inputs from agencies.)
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