Latest news with #MahenderKumarKhandelwal
Time of India
07-05-2025
- Business
- Time of India
Along with the Bhushan Power and Steel, JSW Steel case, RP under the spotlight, too
The Supreme Court stopped JSW Steel's purchase of Bhushan Power and Steel. This decision highlights Mahender Kumar Khandelwal's role. He was the resolution professional. The court cited delays and JSW Steel's funding. Khandelwal allegedly failed in his duties. He didn't seek extensions or verify JSW Steel's eligibility. Bhushan Power was among firms identified for resolution by RBI. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Last week's Supreme Court order scrapping JSW Steel 's acquisition of Bhushan Power and Steel (BPSL) has put under the spotlight the role of Mahender Kumar Khandelwal , the resolution professional the top court hauled up for his 'utter' failure in discharging 'statutory' duties in one of India's biggest manufacturing debt-resolutions to record as a resolution professional-after India revamped bankruptcy laws to help extricate lakhs of crores of rupees stuck in debt-laden companies-is best described as chequered. Khandelwal faced questions over the 'unnecessary use' of chartered planes, besides allegations of favouring JSW Steel in the debt resolution. He also faced charges of allegedly being a party to what probe agencies described as similar to a money-laundering exercise during his early tenure as a Bhushan its observations on Friday, the Supreme Court bench cited two key reasons for its decision: A delay in implementing the resolution plan, and the funding structure used by JSW Steel."The resolution professional had utterly failed to discharge his statutory the course of entire CIR proceedings of the corporate debtor BPSL," the bench said in its was pulled up for allegedly not making an application for extension of time under Section 12 of the Insolvency and Bankruptcy Code (IBC), and for not certifying whether JSW Steel was "eligible" under Section 29A to submit a resolution plan. The resolution professional also allegedly didn't make any applications to avoid transactions in accordance with Chapter-III of the code, the SC Power was one of the 'dirty dozen' recognised by the Reserve Bank of India (RBI) in 2017 for resolution, and this bankruptcy received bids from multiple interested parties.
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Business Standard
05-05-2025
- Business
- Business Standard
SC flags RP's failures in Bhushan Power and Steel's insolvency plan
Supreme Court cites non-compliance by resolution professional in Bhushan Power case, declaring JSW Steel's plan illegal and urging greater due diligence under IBC Dev Chatterjee Mumbai Listen to This Article The Supreme Court has cited serious lapses by the resolution professional (RP) of Bhushan Power and Steel and non-disclosure of key information, in a verdict that could reshape the due diligence process under the Insolvency and Bankruptcy Code (IBC), say legal experts. The apex court ruled that the resolution plan was 'illegal' due to the failure of resolution professional Mahender Kumar Khandelwal to submit mandatory compliance certifications, including Form H — a crucial requirement under Regulations 39(4) and 39(6) of the Corporate Insolvency Resolution Process (CIRP) Regulations. The court stated that the omission was not procedural but a material lapse
