JSW Steel shares rise marginally after SC reserves verdict on Rs 19,700 cr Bhushan Power Resolution Plan
ADVERTISEMENT 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 Rs 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 Rs 30,000 crore to revive the bankrupt steelmaker.
JSW Steel shares closed flat at Rs 1,052.75 on the BSE on Monday.
Also read: PG Electroplast plummets 35% in 5 days amid weak revenue guidance
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