Banks stare at Bhushan Power & Steel again after SC liquidation order

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Banks stare at Bhushan Power & Steel again after SC liquidation order - Business Standard

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According to IBC lawyers, financial creditors typically provide an undertaking to the resolution professional of the corporate debtor, agreeing to return any recoveries made through the resolution process if discrepancies in the resolution plan arise later.

The Supreme Court’s verdict on Friday declaring JSW Steel’s resolution plan for Bhushan Power and Steel “illegal” and ordering the company’s liquidation has delivered a major setback to lenders, as banks will now have to make provisions for the amounts previously recovered, since the funds have to be returned, said bankers Business Standard spoke to.