JSW Steel returns to Supreme Court furnace, seeks rehearing on ₹19,300 cr Bhushan Power deal blow
Sajjan Jindal-led
JSW Steel
on Wednesday approached the
Supreme Court
seeking review of its May 2 judgment that scrapped its acquisition of debt-laden
Bhushan Power and Steel
(BPSL) after four years.
Similar petition was moved last week by the BPSL lenders that included the
Punjab National Bank
and the
State Bank of India
.
In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, the company informed the National Stock Exchange about filing of the review on Wednesday.
The review filed by the
Karanjawala and Company
on behalf of JSW comes after the apex court had on May 26 ordered status quo on the liquidation proceedings of bankrupt BPSL, giving a big relief to JSW Steel, which had warned that the liquidation would be 'fatal' to it and other stakeholders, including lenders and workers.
The status quo would operate till the SC decided the review petition filed by
JSW Steel
against the May 2 judgement that rejected the former's Rs 19,300-crore resolution plan for BPSL, citing non-compliance with rules, the apex court said in its May order.
JSW Steel had asked the Supreme Court to keep the liquidation of BPSL in 'abeyance' before the National Company Law Tribunal (
NCLT
) till the company exhausted all its legal remedies as liquidation of the bankrupt firm might 'jeopardise' its review petition.
The May 2 ruling had scrapped JSW Steel's acquisition of BPSL after four years on the grounds that the resolution plan was 'illegal' and 'in gross violation' of the
Insolvency and Bankruptcy Code
(IBC). While directing the NCLT to initiate liquidation proceedings against BPSL, the court had directed that payments made to financial and operational creditors and the equity contribution by JSW Steel be refunded within two months, as undertaken by the lenders to the bankrupt firm.
BSPL owed more than Rs 47,000 crore to lenders when the Reserve Bank of India put it on a
bankruptcy resolution
list in 2017. The NCLT began the resolution process in July that year, based on the filing of lead lender Punjab National Bank, which initiated criminal proceedings in 2019 against former directors of the company after unearthing a Rs 3,800 crore fraud on its books. PNB and SBI led the committee of creditors (CoC). JSW Steel acquired BPSL in March 2021 after its proposal was approved by the CoC and the National Company Law Appellate Tribunal (NCLAT).
The NCLT approved JSW Steel's offer in 2019 while holding that the successful bidder could not be held responsible for any alleged misdeeds of the previous promoters at any stage. The NCLAT had upheld the decision in February 2020.
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