Financial creditors to the bankrupt Bhushan Power & Steel (BPSL) have rejected JSW Steel’s request for time till March 2021 to take over the sick company. They will press for immediate payment from the Sajjan Jindal-led company in the next hearing of the case in the Supreme Court on July 6.The core committee of financial creditors to BPSL, comprising top three lenders, met to formulate their plans after JSW’s request last week and decided against giving the company more time.
“This case has been delayed for many months,” said one person privy to the discussions. “If you calculate on the basis of time value of money, we have lost more because of the non-payment.”
“In fact if we had taken the Tata offer we would have made more by now"The core committee consists of lead bank Punjab National Bank (PNB), State Bank of India (SBI) and Acre ARC. They own more than 40% of the company's debt.