Page 2 - Bhushan Power & Steel

ED arrests ex-Bhushan Power & Steel CMD Sanjay Singal for bank loan fraud

The ED has recently attached assets worth Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL).

Lenders wary of using IBC after ED attaches Bhushan Power assets under PMLA

Lenders say if money laundering provisions are applied to bankruptcy cose, close to 90% cases of NPA in the banking system will turn out to be frauds

ED swoop on BPSL has lenders wary of IBC route for debt resolution

The attachment by the ED was made under PMLA and is being legally tested before the National Company Law Appellate Tribunal (NCLAT) at a time when it is in the final lap of resolution under IBC

NCLAT asks ED, MCA to reach consensus on Bhushan Power & Steel assets

While the ED is of the opinion that it can attach the property of BPSL under the Prevention of Money Laundering Act (PMLA), the corporate affairs ministry has been maintaining that ED can not do so

NCLAT halts Bhushan Power sale to JSW Steel; asks ED to release BSPL assets

The ED had seized a portion of Bhushan Power and Steel's (BPSL) assets in the money laundering case against its former promoters

Bank fraud: ED attaches assets worth over Rs 4,000 cr of Bhushan Power

The total value, under the provisional order for attachment, is Rs 4,025.23 crore.

IBC and PMLA: Clarity needed in enforcing two overlapping laws in harmony

Seshagiri Rao, JSW Steel joint managing director and group chief financial officer, explained that the main issue is whether the PMLA has an overriding effect on the IBC

Top 10 biz headlines: Faster GST refunds, million auto jobs at risk & more

From a single-authority mechanism for processing GST refunds to exporters coming soon to NCLT approving JSW Steel's Rs 19,700-cr bid for Bhushan Power & Steel, here are today's top business news

Allahabad Bank reports Rs 1,744-cr fraud by Bhushan Power & Steel to RBI

Allahabad Bank further said it has been observed that the company has misappropriated bank funds, and manipulated books of accounts to raise funds from consortium lender banks

Banks jittery as JSW's Rs 19,700-cr offer for Bhushan Power awaits NCLT nod

Bhushan Power was in the first list of 12 companies identified by the Reserve Bank of India for debt resolution in June 2017

Bank fraud case: CBI raids multiple cities of Bhushan Power & Steel Limited

The searches were carried out at 18 locations in a number of cities, including the Delhi-NCR, Chandigarh, Kolkata, Orissa, at the office and residential premises of the company

NCLT asked to decide on JSW's bid for Bhushan Power & Steel by March 31

The National Company Law Appellate Tribunal (NCLAT) Friday directed the Delhi bench of the NCLT to decide over JSW Steel's bid for the debt-ridden Bhushan Power & Steel by March 31. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also directed the National Company Law Tribunal (NCLT) to hear the representatives of operational creditors, promoters along with dissenting banks also. "We expect adjudicating authority (NCLT) to decide the case at an early date to ensure that the matter is decided before the end of this financial year," the appellate tribunal said. During the proceedings, Bhushan Power promoter Sanjay Singal through his counsel offered to settle all dues of the lenders. On this, the appellate tribunal has directed NCLT to also take a decision over Singal's offer to settle. "Liberty is given to adjudicating authority to decide who should be heard as representative of operational creditors or promoters or dissenting financial creditors, if any," .

Lenders of insolvent Bhushan Power pick Rs 197-billion bid of JSW Steel

Sources said JSW Steel stated its intention to infuse an additional Rs 70 billion for any future requirements

Insolvency process: Lenders vote on JSW's offer for Bhushan Power

Tata Steel offered Rs 166 billion and Liberty Rs 185.9 billion

JSW tops Tata, Liberty with Rs 197 bn bid for Bhushan Power and Steel

The bids were submitted for the second time to the CoC late night on August 13. Now the CoC will inform the NCLAT on Friday about the bids received by the interested parties

CCI approves Tata Steel's acquisition of debt-ridden Bhushan Power & Steel

Bhushan Power and Steel owes about Rs 450 bn to its lenders and it was among the 12 non-performing accounts referred by the RBI for insolvency proceedings in June last year

NCLAT extends deadline to submit revised bid for Bhushan Steel on Tata plea

The appellate tribunal has now said all three bidders -- Tata Steel, Liberty House and JSW -- may file their revised offers by August 13

SC to hear Tata Steel plea against rebids for Bhushan Power on August 10

In May, NCLT approved Tata Steel's bid for Neeraj Singhal-led Bhushan Steel

Consider 1st batch of resolution plans in Bhushan Power case: NCLAT to CoC

However, any new plan or revision of plans, if received, will have to be kept in a sealed cover and should not be opened or considered by the CoC

NCLAT permits lenders to meet, finalise bid for Bhushan Power & Steel

The National Company Law Appellate Tribunal (NCLAT) today gave a go-ahead to the lenders' meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company. Vacating its earlier stay, the appellate tribunal has directed the committee of creditors (CoC) of the company to consider the resolution plans submitted by three firms -- Tata Steel, Liberty House and JSW Steel. NCLAT has also directed the CoC to call all the three bidders, along with operational creditors and suspended board of directors, in the meeting. The CoC would call for urgent meeting to take the resolution plan for discussion and approval, said a two-member bench headed by Chairman Justice S J Mukhopadhaya. He further said, "Resolution professional (RP), after consulting CoC, will invite operational creditors and all three resolution applicants will remain present on the date of consideration of the resolution plan. The suspended board of director are also allowed to attend the ...