Bhushan Power & Steel: Iron Ore Sourcing Down Marginally in June’19

Bhushan Power & Steel – a major integrated steel maker with a capacity of 3.5 MnT has recorded iron ore sourcing at 0.21 MnT in June’19. The sourcing witnessed marginal drop on monthly basis as against 0.22 MnT in May’19.

Sourcing from Rungta mines up sharply M-o-M

Essel mining supplies to Bhushan Power and Steel recorded highest for the month of June’19 at 0.08 MnT, down 26% compared to May’19 supplies at 0.11 MnT.

Sourcing from Rungta mines increased 32% to 0.06 MnT as against 0.05 MnT in last month.
State owned miner- OMC mines recorded drop in supplies to Bhushan Power by 12% to 46,786 MT in June’19 as compared to 53,053 MT a month ago.

Serajuddin mines supplies picked up for the month to 11,543 MT, against being nil a month ago.

Bhushan Power & Steel Iron ore Sourcing June’19 & May’19

Source: SteelMint Research
Quantity in MT
Provisional Data

Bhushan Power & Steel NCLAT Case Update

Bhushan Power and Steel is one of the companies undergoing bankruptcy proceedings. JSW Steel has approached NCLT for relief in the wake of fraud cases reported by banks including Punjab National Bank and Allahabad bank against BPSL.

JSW Steel had been declared as the winning bidder for Bhushan Power and Steel (BPSL). CoC (Committee of creditors) had accepted the bid for acquisition of BPSL, and JSW Steel’s plan was submitted to the National Company Law Tribunal (NCLT).

NCLAT on 23rd Apr reserved its order on approval of JSW Steel’s resolution plan for Bhushan Steel and Power (BSPL). Later, CoC of Bhushan Steel made an appeal to NCLAT to speed track the process; however, NCLAT rejected the plea of early disposal of the corporate insolvency resolution process. The decision for the preferred bidders remains pending and the NCLAT directed NCLT to consider the matter uninfluenced by any order except the decision of NCLAT and the Hon’ble Supreme Court.