Supreme Court upholds JSW Steel’s Resolution Plan for Bhushan Power & Steel
In 2017, following RBI’s directive to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (‘IBC’) against 12 major defaulters, (the ‘dirty dozen’), Bhushan Power & Steel Ltd. (‘BPSL’) was admitted into Corporate Insolvency Resolution Process (‘CIRP’) on 26 July 2017, following a petition by Punjab National Bank.