2/5/2025, 12:05:05 pm

Setback for JSW Steel as SC directs liquidation of Bhushan Power and Steel

The SC rejected JSW Steel's resolution plan for Bhushan Power and Steel Ltd. (BPSL), directing its liquidation. The court deemed JSW Steel's plan illegal, stating it should not have been accepted by the Committee of Creditors. JSW Steel had bid Rs 19,700 crore for BPSL. Its shares dropped 4% to Rs 986 apiece on BSE. BPSL faced money laundering allegations linked to a Rs 47,204 crore bank fraud.