Intelligence note
One of the RBI 12-large-account cases; resolution plan (JSW) under challenge before NCLAT per source note.
◆ Flagged as the dominant case of the quarter — 60.00% of resolved claims.
Claims at a glance
FC 98%
OC 2%
Total admitted ₹47,901.61 Cr
Case details
CIN
U27100DL1999PLC108350
Incorporated
1999
Registered State
Delhi
NCLT Bench
New Delhi
Initiated by
FC — Punjab National Bank
Defunct / BIFR
0
Commencement
26 Jul 2017
Outcome Date
05 Sep 2019
Admitted Claims
₹47,157.99 Cr
Liquidation Value
₹9,513.63 Cr
Realisable Amount
₹19,350.00 Cr
Recovery vs Claims
41.03%
Recovery vs LV
203.4%
NCLT New Delhi: median 522 days admission → verdict · 32% of concluded matters ended in plan approval (n=662, full record) · all benches →
Recent movement
Valuations & recovery
Liquidation value
₹9,513.63 Cr
Recovery vs liquidation value
203.4%
The plan
Successful applicant
JSW Steel Limited
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.
EoI / Form-G detail
Case timeline
26 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT New Delhi
05 Sep 2019
Resolution plan approved
Acquired by JSW Steel Limited
Haircut 58.97%
Haircut 58.97%
11 Jul 2023
Allowed - company appeal (at) (insolvency) no. 216 of 2021
NCLAT appeal read the order ↗
18 Jul 2023
Dismissed - i.a. no. 2818 of 2023 in company appeal (at) (insolvency) no. 827 of 2023
NCLAT appeal read the order ↗
24 Apr 2024
Disposed of - company appeal (at) (insolvency) no.779 of 2024
NCLAT appeal read the order ↗
07 Oct 2024
Admission of application in pg case
NCLT order · CP (IB) – 156(PB)/2021 read the order ↗
2 years 1 month elapsed · admission → resolution
Company
Legal name
BHUSHAN POWER & STEEL LIMITED
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
22 Feb 1999
Authorised capital
₹15,450 Cr
Paid-up capital
₹8,550 Cr
Industry (MCA)
Manufacturing (Metals and Chemicals, and products thereof)
ROC
ROC Delhi
Company status
Active — company survived resolution
Registered address
4th Floor, A-2,NTH Complex Shaheed Jeet Singh Marg USO Road, Qutab Institutional Area,,New Delhi,South Delhi,Delhi,110067-India
Source: MCA Company / LLP Master Data — registry snapshot; figures are as on the stated date, not live.
Claims profile
Admitted claims by creditor class
FC 98%
OC 2%
CLASS
ADMITTED
Financial creditors
₹47,157.99 Cr
Operational creditors
₹743.62 Cr
Total
₹47,901.61 Cr
admitted total/FC/OC from IBBI outcome file (crores); claimed & 9-category pending /claims scrape
Source: IBBI outcome data / Reg 31(5)(d) claims list · crores as filed · admitted "pending" = under collation or verification, not zero.
Committee of creditors
CoC composition not yet recorded for this case. Sourced from NCLT filings — added over time.
About this data: Case data is assembled from NCLT/NCLAT orders, IBBI public announcements, quarterly outcome records and the MCA registry. See how every number is sourced, checked and corrected →.
Report an error →
This case vs Steel & Metals
Haircut59.0%
typical for this sector 79.3% · median of 155
Recovery vs liquidation value203.4%
typical for this sector 120.5% · median of 152
77% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution771 days
typical for this sector 555 days · median of 157
Size rank in sector#2 of 157
Medians across every recorded Steel & Metals resolution in stressed.in's IBBI universe — the median, not the average, because these distributions are skewed and the average of the recovery ratio is not a meaningful number. The Code sets a 330-day outer limit; 72% of concluded cases exceed it (n=4,557). How these are computed →
Key parties
Resolution Professional
11 IBBI mandates · 282.4% of liquidation value realised across concluded work
IRP at commencement
Mahender Kumar Khandelwal → · Jul 2017
CIRP initiated by
Punjab National Bank FC
Resolution applicant
JSW Steel Limited
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