Intelligence note
Admitted 26 Jul 2017 by the New Delhi bench on a petition by Punjab National Bank (a financial creditor). Plan from JSW Steel Limited approved 5 Sep 2019, 771 days after admission (resolved-case median: 630 days). Creditors realise 41.53% of ₹47,901.61 Cr admitted; haircut 58.5% (median 78.0% across resolutions). That is 209.1% of liquidation value (₹9,513.63 Cr), better than a break-up sale.
One of the RBI 12-large-account cases. JSW Steel's plan, approved on 05 Sep 2019, was upheld by the NCLAT on 17 Feb 2020 and implemented on 26 Mar 2021, with ₹19,350 crore paid to financial creditors. On 02 May 2025 the Supreme Court set the plan aside and directed liquidation. It ordered status quo on 26 May 2025, recalled that judgment on review on 31 Jul 2025, and on 26 Sep 2025 it upheld the plan.
One of the RBI 12-large-account cases. JSW Steel's plan, approved on 05 Sep 2019, was upheld by the NCLAT on 17 Feb 2020 and implemented on 26 Mar 2021, with ₹19,350 crore paid to financial creditors. On 02 May 2025 the Supreme Court set the plan aside and directed liquidation. It ordered status quo on 26 May 2025, recalled that judgment on review on 31 Jul 2025, and on 26 Sep 2025 it upheld the plan.
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
Petition
(IB)-202(PB)/2017
Initiated by
FC — Punjab National Bank
Commencement
26 Jul 2017
Outcome Date
5 Sep 2019
Admitted Claims
₹47,901.61 Cr
Liquidation Value
₹9,513.63 Cr
Realisable Amount
₹19,894.86 Cr
Recovery vs Claims
41.53%
Recovery vs LV
209.1%
NCLT New Delhi: median 522 days admission → verdict · 35% of concluded matters ended in plan approval (n=788, full record) · all benches →
Plan at a glance
The deal
₹19,350 crores upfront to financial creditors, up to ₹350 crores to operational creditors, ₹9.86 crores to workmen; ₹8,550 crores of equity into an SPV
Winning plan
JSW Steel Limited, with 97.12% of the CoC vote
Also in the race: Tata Steel Limited (plan submitted), Liberty House Group Pte. Ltd. (plan submitted)
Also in the race: Tata Steel Limited (plan submitted), Liberty House Group Pte. Ltd. (plan submitted)
Funding
JSW is to infuse ₹8,550 Cr equity into an SPV merging with the company and provided firm commitment letters from scheduled banks.
Payout period
Contingent government/statutory dues and identified contingent liabilities are payable within 90 days after 2 years from Tribunal approval.
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 47,157.99 | 19,350.00 | 41.0% |
| Operational and other creditors | 743.62 | up to ₹350 Cr, plus ₹9.86 Cr to workmen | – |
| All creditors | 47,901.61 | – | – |
Recent movement
Valuations & recovery
Liquidation value
₹9,513.63 Cr
Recovery vs liquidation value
209.1%
The plan
Successful applicant
JSW Steel Limited
CoC approval
97.12% voting share
EoI / Form-G detail
Plan submission by
8 Feb 2018
Evaluation matrix issued
3 Jan 2018
Dates as captured from IBBI on 30 Aug 2026
Case timeline
26 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT New Delhi
48 further events in between
31 May 2019
Application CA-1055/2019 dismissed with costs (main case continued)
NCLT order read the order ↗
5 Sep 2019
Resolution plan approved
Acquired by JSW Steel Limited
Haircut 58.47%
Haircut 58.47%
3 Mar 2020
Hearing
Order in CP (IB) 202/PB/2017
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 ↗
2 years 1 month elapsed · admission → resolution
Personal guarantor proceedings
Insolvency cases against individuals who guaranteed this company's loans. They run separately from the company's own process; a professional named here acts for the guarantor, not the company.
7 Oct 2024
Admission of application in PG case
Order title on IBBI: Aarti Singal · CP (IB) – 156(PB)/2021
Professional named in the order: Surendra Raj Gang
read the order ↗
Professional named in the order: Surendra Raj Gang
read the order ↗
7 Oct 2024
Admission of application in PG case
Order title on IBBI: Sanjay Singal · CP (IB) – 157(PB)/2021
Professional named in the order: Surendra Raj Gang
read the order ↗
Professional named in the order: Surendra Raj Gang
read the order ↗
Company
Legal name
BHUSHAN POWER & STEEL LIMITED
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
22 Feb 1999
Authorised capital
₹15,450.00 Cr
Paid-up capital
₹8,550.00 Cr
Industry (MCA)
Manufacturing (Metals and Chemicals, and products thereof)
ROC
ROC Delhi
Company status
Active
Registered address
4th Floor, A-2, NTH Complex Shaheed Jeet Singh Marg USO Road, Qutab Institutional Area, New Delhi, South Delhi, Delhi, 110067, India
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
Sources, basis and disclaimers → ·
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This case vs Steel & Metals
Haircut58.5%
typical for this sector 82.0%
Recovery vs liquidation value209.1%
typical for this sector 121.3%
78% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution771 days
typical for this sector 553 days
Size rank in sector#3 of 170
Key parties
Resolution Professional
19 IBBI mandates · 5 of 7 resolved plans beat the liquidation floor
IRP at commencement
Mahender Kumar Khandelwal → · Jul 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Punjab National Bank FC
Resolution applicant
JSW Steel Limited
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