The Supreme Court has rejected JSW Steel’s resolution plan for Bhushan Power and Steel (BPSL). The court has said that the Committee of Creditors (CoC) should not have accepted it. SC has given instructions to liquidate Bhushan Steel. Justice Bel Trivedi and Justice Satish Sharma have given this decision. In this case, ED’s argument is that JSW Steel is a related party under IBC. JSW should not have got the benefit under Section 32 A of IBC. The resolution plan has not been implemented within the stipulated time frame of IBC. Under IBC, the takeover should have been done only through equity. What is the whole matter ED has registered a case against Bhushan Power and Steel in the case of bank fraud. JSW Steel had given a resolution plan of Rs 19,700 crore for Bhushan Power and Steel. Lenders have suffered a loss of about 60% on this. Last year, ED has returned assets worth Rs 4,025 crore. Kalyani Transco Private Limited company had appealed against this. JSW share fell 6% today JSW Steel share closed at Rs. 970 today with a drop of 6%. The company’s share has fallen by 8% in the last 1 month. It has risen by 2% in 6 months. The company’s share has risen by around 9% in one year. The market value of the company is Rs. 2.37 lakh crore.
