Bhushan Power and Steel’s ( BPSL) former resolution professional (RP) Mahender Khandelwal has filed a review petition in Supreme Court which has cancelled JSW Steel’s resolution plan for the company, according to sources in the know.
The apex court had on 2 May cancelled the five year old takeover of Bhushan Power and Steel by JSW Steel.
The RP has claimed that certain documents were overlooked in the judgement. He claims he had undertaken a review to ensure JSW Steel’s past connection with BPSL was checked.
He also claimed he had filed the Form H as required from an RP. He also claims he sought relevant extension from NCLT and NCLAT for condoning delays in the resolution process.
The Supreme Court had found several flaws in the resolution process including delays in implementation of the resolution plan by JSW Steel. It had said creditors received payments with a delay of 540 days.
The RP has also claimed he had filed avoidance applications to identify and rectify transactions that were undertaken under BPSL’s former management that were detrimental to the company’s interest. As per established procedure, the RP is supposed to identify wrongful transactions and report them to national company law tribunal. The apex court in its judgement had found deficiencies on this count as well by BPSL’s RP.
The apex court had on 2 May cancelled the five year old takeover of Bhushan Power and Steel by JSW Steel.
The RP has claimed that certain documents were overlooked in the judgement. He claims he had undertaken a review to ensure JSW Steel’s past connection with BPSL was checked.
He also claimed he had filed the Form H as required from an RP. He also claims he sought relevant extension from NCLT and NCLAT for condoning delays in the resolution process.
The Supreme Court had found several flaws in the resolution process including delays in implementation of the resolution plan by JSW Steel. It had said creditors received payments with a delay of 540 days.
The RP has also claimed he had filed avoidance applications to identify and rectify transactions that were undertaken under BPSL’s former management that were detrimental to the company’s interest. As per established procedure, the RP is supposed to identify wrongful transactions and report them to national company law tribunal. The apex court in its judgement had found deficiencies on this count as well by BPSL’s RP.
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