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BPSL Lenders Reject JSW Steel Demand for More Time

Steel News - Published on Wed, 01 Jul 2020

Image Source: BPSL JSW Steel
Economic Times, citing people aware of the matter, reported that financial creditors to the bankrupt Bhushan Power & Steel have rejected JSW Steel’s request for time till March 2021 to take over the sick company and that they will press for immediate payment in the next hearing of the case in the Supreme Court on July 6. One person privy to the discussion said “This case has been delayed for many months. If you calculate on the basis of time value of money, we have lost more because of the non-payment. In fact if we had taken the Tata offer we would have made more by now. So we are in no position to give more time. The company has to honour its commitment."

The core committee consists of lead bank Punjab National Bank, State Bank of India and Acre ARC. They own more than 40% of the company's debt.

JSW bid INR 19700 crore for the 3.5 million tonne steel plant pipping Tata Steel INR 16,000 crore offer. The company was declared the winning bidder by NCLT in September 2019.

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Posted By : Yogender Pancholi on Wed, 01 Jul 2020
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