Shares of JSW Steel Ltd jumped 2 per cent in a kneejerk reaction to reports that the Supreme Court has cleared resolution plan for Bhushan Power & Steel (BPSL). The Committee of Creditors (CoC) arguments on Ebitda recovery has been rejected, as Ebitda distribution was not a part of RFRP, resolution plan, CNBC TV 18 reported. Advertisement

The apex court affirmed JSW Steel Ltd’s resolution plan for Bhushan Power and Steel Ltd (BPSL), dismissing objections raised by the company’s former promoters and some creditors. A bench led by Chief Justice of India BR Gavai, along with Justices SC Sharma and K Vinod Chandran, re-heard the appeals after recalling an earlier judgment by a two-judge bench, reports suggested.

The stock rose 1.56 per cent to hit a high of Rs 1,167. The scrip was later tar

See Full Page