Bpsl Committee Of Creditors To Meet Over The Next Few Days To Decide Course Of Action On Sc Ruling

The Committee of Creditors (CoC) of Bhushan Power and Steel Ltd (BPSL) will meet successful nan adjacent 2 to 3 days to finalise nan people of action pursuing nan Supreme Court ruling connected nan solution scheme of JSW Steel.

“We are successful touch pinch each CoC lenders. In different 2 to 3 days, we will person a gathering of each lenders. Then immoderate action will beryllium decided. Whatever is required to beryllium done for this relationship and nan rule of onshore will beryllium done,” said Ashok Chandra, Managing Director and CEO, Punjab National Bank.

The CoC for BPSL was led by State Bank of India and Punjab National Bank and included different lenders including Bank of Baroda, Indian Bank and Canara Bank. A reappraisal petition tin beryllium revenge wrong 30 days of nan Supreme Court ruling.

Addressing a property convention aft nan bank’s 4th fourth results connected Wednesday, Chandra said that nan lender had received astir Rs 3,000 crore from nan solution of BPSL. “As of now, location is nary mobility of repaying nan amount,” he told reporters.

The slope has not made immoderate proviso connected this beforehand arsenic of now though nan Supreme Court had ordered liquidation of BPSL and rejected nan Rs 19,700 crore solution scheme of JSW Steel. 

“Whatever nan ineligible people is required to beryllium done will beryllium decided by nan COC and we will get astatine nan adjacent people of action,” Chandra said.

Previously, authorities sources person indicated that nan CoC of BPSL whitethorn record a reappraisal petition successful nan Supreme Court. JSW Steel could besides record a reappraisal petition successful nan matter.

Banks successful full received Rs 19,328 crore successful nan solution process of BPSL. PNB’s vulnerability to BPSL is estimated astatine 0.25% of its full indebtedness book. As per brokerage reports, State Bank of India received astir Rs 3,930 crore, PNB received Rs 2,450 crore and Canara Bank astir Rs 1,490 crore from nan solution process.

Punjab National Bank has reported a nett profit of Rs 4,567 crore successful nan 4th fourth of FY25, registering a 51.7% summation complete a nett profit of Rs 3,010 crore successful nan 4th fourth of FY24. Its nett liking income accrued to Rs 10,757 crore successful Q4 FY25 from Rs 10,363 crore successful Q4 FY24.

Published on: May 7, 2025 4:38 PM IST