JSW Steel, Lenders Likely To File Review Pleas Against Supreme Court Order In Bhushan Power Insolvency Case
JSW Steel and the Committee of Creditors are preparing to file separate review petitions in the Bhushan Power & Steel case, according to people familiar with the matter.
The development comes ahead of the NCLT hearing on Bhushan Power & Steel's liquidation set for May 14.
The review petitions are expected to be filed in the Supreme Court in the coming weeks, the people told NDTV Profit, adding that the review plea may highlight certain inaccuracies in the Supreme Court's judgement in the case.
Certain observations in the Supreme Court judgement, specifically about the resolution professional filing the required forms for JSW Steel's Section 29A clearance, were not correct, the people quoted above said. Additionally, the court had also observed that applications for avoidance of certain disputed transactions were not filed by the resolution professional, which are likely incorrect, the people quoted above said.
The CoC for Bhushan Power & Steel is led by the State Bank of India and Punjab National Bank. According to Supreme Court rules, any aggrieved party may file a review petition within 30 days of the judgement being delivered.
In the Bhushan Power insolvency case, the Supreme Court on May 2 had said that the JSW Steel purchase of the company was not in conformity with the law and had to be reversed. The apex court had also ordered the liquidation of the beleaguered steelmaker.
JSW Steel had bought Bhushan Power & Steel in 2019, under the insolvency and bankruptcy code, for Rs 19,700 crore. Of this, Rs 19,350 crore were to be paid to financial creditors and Rs 350 crore to operational creditors. With the Supreme Court reversing the transaction, banks and operational creditors will need to return these funds and liquidate Bhushan Power.
While the review petitions are likely to be filed in the next few weeks, it is not yet clear whether there will be any change in the Supreme Court's stance in this case. A review petition can only fix the errors in the original judgement, not the final decision of the court.
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