Insolvency process for Bhushan Power and Steel has hit a fresh hurdle.
A legal case between the troubled steel maker and its creditor, a Singapore-based shipping chartering service provider, may upset the whole process.
This week a court will hear whether the moratorium declared under Insolvency and Bankruptcy Code (IBC) would be applicable in settling the dues of the chartering company.
The creditor has won a foreign arbitration award against Bhushan Power and Steel and wants it to be enforced under a different Act.
“Counsel appearing on behalf of the award-holder (Jaldhi Overseas Pte Ltd) submits that the order does not prevent this court from deciding the question of enforceability of the award and has, accordingly,…
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