JSW Steel shares rise marginally after SC reserves verdict on ₹19,700 crore Bhushan Power Resolution Plan
A special bench led by Chief Justice B R Gavai, along with Justices Satish Chandra Sharma and K Vinod Chandran, heard arguments from multiple parties, including the Committee of Creditors (CoC), JSW Steel , former promoters, operational creditors, and the Directorate of Enforcement , before reserving judgment.The legal dispute centres on whether earnings before interest, tax, depreciation, and amortisation (EBITDA) generated during the resolution period should be allocated to the creditors or retained by JSW Steel. The CoC has argued that such earnings, along with delayed interest, rightfully belong to creditors, while JSW Steel maintains that EBITDA is not distributable profit and was never included in the resolution plan or the request for resolution plan (RFRP).JSW Steel has also contested the lenders' claim for ₹2,509.88 crore in interest over alleged delays in implementing the plan, attributing the two-year delay to the Directorate of Enforcement's provisional attachment of BPSL's assets — a move reversed only in December last year by the apex court.The case has a long history. On May 2, the Supreme Court had ordered the liquidation of BPSL while setting aside JSW's resolution plan, criticising the conduct of the CoC, the resolution professional, and the National Company Law Tribunal (NCLT) for what it called a 'flagrant violation' of the Insolvency and Bankruptcy Code (IBC). However, in a rare move on July 31, the court recalled its earlier judgment, granting interim relief to JSW Steel, which claimed to have invested ₹30,000 crore to revive the bankrupt steelmaker.JSW Steel shares closed flat at ₹1,052.75 on the BSE on Monday.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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