Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The Enforcement Directorate of India (ED) has filed a new appeal in India’s Supreme Court to scrap JSW’s acquisition of Bhushan Power and Steel Limited (BPSL). 


The deal was finalized recently under the Indian Bankruptcy Code (IBC).


BPSL’s financial lenders (State Bank of India and Punjab National Bank) rejected JSW’s plea to further defer the payment to March 2021. According to media reports, the lenders will direct JSW to financially close the deal in the next hearing scheduled for Monday, July 6. 


The ED says the National Company Law Appellate Tribunal has no jurisdiction to approve the sale of BPSL’s attached assets.


The attached plant has an annual steel production capacity of 3.5mn mt. 

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