The Center’s Review SC on the BHUUSHAN Energy Plan 19700 Crura

The Ministry of Financial Services (DFS) said on Monday, according to a Reuters report:

According to the Minister of DFS M Nagaraju, the government had already discussed the ruling with all relevant lenders and requested legal opinions. “We have taken a position,” Nagrarago said. ” “Now we take a view of the government on how we deal with the ruling. We will end soon.”

The Supreme Court, in a ruling delivered on April 2, canceled the decision plan previously approved by the COC Committee (COC), the National Court of Law (NCLT), and the National Laws Court of Appeal Law (NCLAT). The Supreme Court ruled that the decision plan failed to comply with Article 30 (2) and 31 (2) of the IBC Law (IBC), and ordered the liquidation of BPSL under Article 142 of the Constitution, and defended the unusual authorities of the court.

The decision is a dramatic reflection of the JSW Steel, which acquired BPS in March 2021 under IBC. The acquisition was a major landmark of JSW, giving it a great manufacturing capacity in Odisha and expanding its eastern scope in India. With the last intervention of the Supreme Court, the future of BPS and the demands of its creditors were thrown into a state of chaos.

For its part, JSW Steel stated that she is currently reviewing the Supreme Court order before deciding on his next steps.