The Committee of Collectors (CoC) of Bhushan Energy and Metal Ltd (BPSL) will meet within the subsequent two to 3 days to finalise the plan of action following the Supreme Courtroom ruling on the decision plan of JSW Metal.
“We’re in contact with all CoC lenders. In one other two to 3 days, we could have a gathering of all lenders. Then some motion will likely be determined. No matter is required to be completed for this account and the legislation of land will likely be completed,” mentioned Ashok Chandra, Managing Director and CEO, Punjab Nationwide Financial institution.
The CoC for BPSL was led by State Financial institution of India and Punjab Nationwide Financial institution and included different lenders together with Financial institution of Baroda, Indian Financial institution and Canara Financial institution. A evaluate petition will be filed inside 30 days of the Supreme Courtroom ruling.
Addressing a press convention after the financial institution’s fourth quarter outcomes on Wednesday, Chandra mentioned that the lender had acquired round Rs 3,000 crore from the decision of BPSL. “As of now, there is no such thing as a query of repaying the quantity,” he instructed reporters.
The financial institution has not made any provision on this entrance as of now though the Supreme Courtroom had ordered liquidation of BPSL and rejected the Rs 19,700 crore decision plan of JSW Metal.
“Regardless of the authorized course is required to be completed will likely be determined by the COC and we are going to arrive on the subsequent plan of action,” Chandra mentioned.
Beforehand, authorities sources have indicated that the CoC of BPSL might file a evaluate petition within the Supreme Courtroom. JSW Metal may additionally file a evaluate petition within the matter.
Banks in complete acquired Rs 19,328 crore within the decision technique of BPSL. PNB’s publicity to BPSL is estimated at 0.25% of its complete mortgage e-book. As per brokerage reviews, State Financial institution of India acquired round Rs 3,930 crore, PNB acquired Rs 2,450 crore and Canara Financial institution round Rs 1,490 crore from the decision course of.
Punjab Nationwide Financial institution has reported a internet revenue of Rs 4,567 crore within the fourth quarter of FY25, registering a 51.7% improve over a internet revenue of Rs 3,010 crore within the fourth quarter of FY24. Its internet curiosity earnings elevated to Rs 10,757 crore in This fall FY25 from Rs 10,363 crore in This fall FY24.
