New Delhi: JSW Steel will acquire the declared bankrupt Bhushan Steel. Sajjan Jindal-controlled JSW Steel has been approved to be bought by the National Company Law Tribunal. JSW Steel will buy Bhushan Power and Steel Limited (BPSL) for Rs 19,700 crore. As per the order of the Law Tribunal, the company's financial creditors will get an amount of Rs 19,350 crore. The total claim of these creditors was Rs 47,158 crore.
At the same time, operational creditors had claimed a total of Rs 733.76 crore, out of which they would get Rs 350 crore. Banks will get about 41 per cent of their total outstanding. The NCLT has clarified that the legal procedures underway on the former promoters of BPSL will have no effect on the insolvency process. Justice MM Kumar said that even criminal cases against the owners of Bhushan Steel will not make any difference and JSW Steel could become the new promoter.
The NCLT has also stated that any profits the company has made since the insolvency process began will be used to replenish loans taken from banks and other financial companies. Along with this, the Company Law Tribunal also dismissed the petition of Tata Steel. Tata Steel stated that NCLT is not entitled to give countless opportunities in later stages. But it had no effect.
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