Latest news with #BSPL
India Today
26-05-2025
- Business
- India Today
Supreme Court puts Bhushan Power liquidation on hold as JSW seeks review
In a key development in the Bhushan Power and Steel Ltd (BPSL) case, the Supreme Court on Monday ordered a status quo on liquidation proceedings before the National Company Law Tribunal (NCLT), granting temporary relief to JSW Steel, which is seeking to file a review top court was hearing a plea filed by JSW Steel challenging the ongoing liquidation process of BSPL. Senior counsel appearing for JSW submitted that the company is exercising its right to file a review of the court's earlier ruling and that the statutory limitation period for doing so has not yet counsel also informed the court that necessary steps were already underway to formally submit the review the same time, the former promoter of BSPL—referred to as Respondent No. 1—was pushing for swift implementation of the apex court's earlier directive, which would trigger the liquidation proceedings. JSW argued that going ahead with the liquidation before its review plea is considered would prejudice its legal rights and render the petition the concerns, the Supreme Court observed that a practical solution was necessary to ensure justice is served. 'Without expressing any opinion on the merits of the matter, the interest of justice would be subserved if the status quo is maintained,' the court the bench ordered that the current status quo with regard to the liquidation proceedings should be maintained until the review petition is filed and disposed interim order effectively pauses the liquidation process of BSPL, offering JSW a window to pursue legal recourse and protect its investment matter now hinges on the outcome of the impending review petition, which could influence the future of one of India's largest debt resolution cases under the Insolvency and Bankruptcy Code (IBC).advertisementBSPL, once among India's leading steelmakers, was dragged into insolvency proceedings over mounting debt, and JSW Steel had emerged as a key contender for its assets. The legal wrangle has drawn significant attention given the size of the asset and the broader implications for India's insolvency regime.
Time of India
18-05-2025
- Business
- Time of India
Don't understand law, we want our jobs protected: Odisha steel plant workers after SC order
Fear of loss of jobs among workers of a steel plant in Odisha's Jharsuguda has been growing with every passing day, following the Supreme Court setting aside a resolution plan and ordering liquidation of the unit's original owner, BSPL, earlier this month. The workers, who have been demonstrating in front of the plant for the past several days, said they do not understand legal issues involved in the case, and only want their jobs to be protected. Not only the plant's employees, but also contractual workers, local vendors, and small traders, are worried lot, and they held demonstrations at the main gate of the plant, originally owned by Bhushan Power and Steel Limited 's (BPSL). After the BSPL failed to repay a loan of over Rs 47,000 crore, lenders dragged the company to insolvency proceedings and JSW Steel emerged as the successful bidder for BSPL. The Supreme Court on May 2, however, set aside a resolution plan submitted by JSW Steel for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). The apex court also ordered the liquidation of BSPL under the IBC . The functional and now a profit-making unit, has also been the industrial showpiece in the mineral-rich region, and many people depend on it for their livelihood. Live Events While about 3,000 people are directly employed in the BPSL plant, it provides indirect employment to around 20,000 others. They include suppliers, transporters, shopkeepers and small traders. As an air of uncertainty prevails in the western Odisha town which used to be affected by migration of workers, state Industries Minister Sampad Candra Swain told PTI: "We are looking into the matter. I do not want to speak more on the issue now." Workers do not want the legal wrangle to jeopardise their livelihood. "We are worried about our 'roji roti' (livelihood). The company is making profits due to stability in its operations. Thousands of people will be forced to starve or start migrating again if there is liquidation," said one of the workers of the plant, who did not wish to be identified. Asked about the court order, another employee said, "We are not legal experts and don't understand the law. We only want our livelihoods to be protected." The local sarpanch of Thelkoloi, Avantyi Nayak, said that the local people including employees of the BPSL were concerned over the development. "This plant not only provides employment to local people but also supports thousands of ancillary jobs, small businesses, and community initiatives," she told PTI. Similar views were also expressed by Hemant Pandey, a supplier of manpower to industrial units in the Jharsuguda region. "Sending a functional, employment-generating industrial asset into possible liquidation poses a threat to economic recovery of the region," Pandey said. The stakeholders are hoping for a positive outcome through judicial and government intervention into the matter.
Hindustan Times
18-05-2025
- Business
- Hindustan Times
Don't understand law, we want our jobs protected: Odisha steel plant workers after SC order
Jharsuguda , Fear of loss of jobs among workers of a steel plant in Odisha's Jharsuguda has been growing with every passing day, following the Supreme Court setting aside a resolution plan and ordering liquidation of the unit's original owner, BSPL, earlier this month. The workers, who have been demonstrating in front of the plant for the past several days, said they do not understand legal issues involved in the case, and only want their jobs to be protected. Not only the plant's employees, but also contractual workers, local vendors, and small traders, are worried lot, and they held demonstrations at the main gate of the plant, originally owned by Bhushan Power and Steel Limited's . After the BSPL failed to repay a loan of over ₹47,000 crore, lenders dragged the company to insolvency proceedings and JSW Steel emerged as the successful bidder for BSPL. The Supreme Court on May 2, however, set aside a resolution plan submitted by JSW Steel for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code . The apex court also ordered the liquidation of BSPL under the IBC. The functional and now a profit-making unit, has also been the industrial showpiece in the mineral-rich region, and many people depend on it for their livelihood. While about 3,000 people are directly employed in the BPSL plant, it provides indirect employment to around 20,000 others. They include suppliers, transporters, shopkeepers and small traders. As an air of uncertainty prevails in the western Odisha town which used to be affected by migration of workers, state Industries Minister Sampad Candra Swain told PTI: 'We are looking into the matter. I do not want to speak more on the issue now.' Workers do not want the legal wrangle to jeopardise their livelihood. 'We are worried about our 'roji roti' . The company is making profits due to stability in its operations. Thousands of people will be forced to starve or start migrating again if there is liquidation,' said one of the workers of the plant, who did not wish to be identified. Asked about the court order, another employee said, 'We are not legal experts and don't understand the law. We only want our livelihoods to be protected.' The local sarpanch of Thelkoloi, Avantyi Nayak, said that the local people including employees of the BPSL were concerned over the development. 'This plant not only provides employment to local people but also supports thousands of ancillary jobs, small businesses, and community initiatives,' she told PTI. Similar views were also expressed by Hemant Pandey, a supplier of manpower to industrial units in the Jharsuguda region. 'Sending a functional, employment-generating industrial asset into possible liquidation poses a threat to economic recovery of the region,' Pandey said. The stakeholders are hoping for a positive outcome through judicial and government intervention into the matter.
Hindustan Times
04-05-2025
- Business
- Hindustan Times
Reversal for the reforms process
The Supreme Court's decision to reject Jindal Steel Private Limited's (JSPL) 2021 takeover of Bhushan Steel Private Limited (BSPL) on procedural grounds and order the latter's liquidation should set alarm bells. BSPL's resolution was one of the biggest under the Insolvency and Bankruptcy Code (IBC), one of India's most important economic reforms under the first Narendra Modi government. The court, while rejecting the acquisition, has accused both JSPL and the Committee of Creditors of violating IBC's guidelines. The fact that this judgment has come after years of JSPL's acquisition — the company has invested money in the project and got it running — sets a bad precedent for the credibility of the IBC itself. Some of the dispute or delay which led to the annulment of the resolution, it would appear, was the result of the Enforcement Directorate claiming a part of the assets. The claim was withdrawn only last year. The court's order, unless it is reversed by a larger bench, threatens to jeopardise not just JSPL's investments but also the recoveries made by BSPL's creditors, most of which are public sector banks. This can have a chilling effect on any ongoing and future IBC resolution processes. To be sure, if there were indeed serious violations, as the court order says, then it raises an even bigger question. Is the IBC plagued with the same problems of poor judgment, bad faith or just plain malfeasance by both corporates and banks that played a big role in the making of the bad loan crisis in the last decade? Or is the ruling the result of a dogmatic adherence to statutes which can force banks to take even bigger haircuts via liquidation route than what a seemingly sub-par IBC resolution can offer? Should the government also have restrained its investigative agencies whose misplaced zeal to punish criminality has ended up derailing one of the biggest success stories in India's IBC framework? These questions might seem esoteric, but they are central to the future of the IBC framework in India. A modern economy, sans a functional and credible bankruptcy framework, is like a patient who will always have to opt for amputation (liquidation) when a surgery (bankruptcy resolution) could have helped. Irrespective of whether or not the judgment is overturned, all stakeholders should ensure that such setbacks do not happen again. While transparency and consistency in the IBC's functioning are a must to ensure this, the elephant in the room is whether government banks are still truly autonomous in their decision-making.
Hans India
03-05-2025
- Business
- Hans India
From ERP to CBS: Bharuva's Next Leap into Banking
After ERP, DSM, HIMS of IT , now CBS software of Bharuva Solutions will play a leading role for banking Empowering India's banking ecosystem through language , intelligence and innovation New Delhi , 30 April. Bharuva Solutions Pvt Ltd ( BSPL) , the technology arm of Patanjali Group, has launched an AI- powered , multilingual (bilingual) 360° Bharuva announced its strategic entry into the Indian banking sector with the launch of its new banking ERP system. This next-generation platform is designed to revolutionise digital banking by empowering regional , co-operative and small financial institutions with intelligent , inclusive and compliant technology. Bharuva's state-of-the-art CBS platform (b-banking) is aimed at addressing four critical challenges that have long been hindering innovation and inclusiveness in India's banking ecosystem: 1. Language Inclusivity With India's linguistic diversity , most banking services are limited to English. BSPL 's bilingual solution allows banks to serve customers in both English and their local language , e.g. , Gujarati in Gujarat , Punjabi in Punjab - ensuring ease of access and use for all citizens. 2. More Security The platform incorporates cutting-edge AI and cybersecurity protocols to provide comprehensive security for data , transactions, and digital interactions . 3. Process Efficiency This banking system is designed for end-to-end banking transformation , the system has strong capabilities including API banking , MIS, HRMS, ERP modules , AML tools, and workflow automation for seamless operations and compliance. 4. Regulatory Compliance Official Languages Act , 1963 And fully aligned with the Supreme Court directives , this solution ensures compliance with government mandates for bilingual software in financial institutions. Expressing his commitment towards technological inclusion, Acharya Balkrishna Ji, Founder and Managing Director, Patanjali Group said that India is a country of many languages , yet our banking infrastructure operates primarily in English leaving the majority isolated. Bharuva Solutions is launching a transformational product that is technologically superior , functionally comprehensive and linguistically inclusive , compliant with the Official Languages Act 1963. is aligned with.' ' In this age of AI and machine learning , it is time that our rural , semi-urban , cooperative and small finance institutions get access to technology at par with public and private sector banks. This initiative is a step towards empowering India in every sense.' To realize this vision , Bharuva Solutions has partnered with Natural Support Consultancy Services Pvt. Ltd., an experienced company in the bilingual banking space , which has been in operation since 1999. ₹ 5,000 for surround products like ALM , LOS, MIS etc Has achieved the efficiency of automating more than bank branches. Bharuva and Natural Support Consultancy Services Pvt. Ltd. aim to provide a comprehensive 'Bank in a Box' solution that combines frontend excellence with a powerful backend infrastructure with an all-in-one platform. It seamlessly integrates with Core Banking System ( CBS) , and supports services like Internet & Mobile Banking , AI- powered Search , eKYC, CKYC, PFMS Integration , SMS Banking , KCC IS Portal , AML, HRMS, CSS, MIS, DSS and backend processes like ERP, HRMS etc. This comprehensive offering is designed to enable digital transformation for State Cooperative Banks , District Central Cooperative Banks , Urban Cooperative Banks , NBFCs and other financial institutions across India and international markets , especially in regions with multilingual banking needs.
