Shares of JSW Steel fell 2% on August 8 after lenders of debt-ridden Bhushan Power & Steel Ltd said in the Supreme Court that they should be paid interest by the successful resolution applicant JSW Steel Ltd. for the period of delay in implementation of the resolution plan.
At 12:45 pm on August 8, JSW Steel shares were trading 2% lower at Rs 1,042 apiece after banks have sough EBITDA of BPSL during IBC process to flow to creditors.
CNBC-TV18 reported that banks have submitted that EBITDA during insolvency process is in "thousands of crores".
Last week, Supreme Court had recalled May 2025 judgment scrapping JSW Steel's resolution plan for BPSL.
A bench headed by former top court judge Bela M Trivedi on May 2 ordered liquidation of Bhushan Power & Steel Limited (BPSL) while setting aside a resolution plan of JSW Steel Limited for the ailing firm.
A special bench comprising Chief Justice B R Gavai and Justice Satish Chandra Sharma on July 31 recalled the verdict and decided to hear afresh the pleas in the matter.
The insolvency resolution process (CIRP) for BPSL was initiated by the National Company Law Tribunal (NCLT) in July 2017 and in October 2018, the CoC approved a Rs 19,000 crore resolution plan submitted by JSW Steel.
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