JSW Energy shows interest in the assets of Bhushan Energy, says report

Sajjan Jindal-promoted JSW Energy has shown interest in bidding for the assets of Bhushan Energy, reported LiveMint.

JSW Energy submitted an expression of interest (EoI) in Bhushan Energy at the National Company Law Tribunal (NCLT), according to a source quoted in the report.

The State Bank of India (SBI) referred Bhushan Energy to NCLT last year. The NCLT accepted it in January, making it the third of the Singhal family’s companies to be admitted for bankruptcy, the report added.

According to the report, Singhal family-promoted companies together owe about Rs 44,447 crore to banks.

This is also the fourth attempt by Sajjan Jindal to win a stressed asset, the report added.

The NCLT has extended the insolvency resolution period of the debt ridden firm Bhushan Energy Ltd by another 90 days, according to a PTI report.

The initial period of 180 days for the corporate insolvency resolution process of Bhushan Energy will end in the first week of July, and it had approached NCLT seeking extension.

Under the Insolvency and Bankruptcy Code (IBC), NCLT has powers to extend the insolvency resolution period if the Committee of Creditors (CoC) and Resolution Professional (RP) of the debt ridden firm are unable to find a suitable buyer under 180 days.