Bhushan Power & Steel is one of the 12 cases mandated by the Reserve Bank of India to be resolved under the Insolvency and Bankruptcy Code (IBC) has got a leg-up with the letter of intent (LOI) being issued in JSW Steel’s favour. Sources close to the development said the next step was to file the resolution plan with the National Company Law Tribunal (NCLT) for approval.

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JSW Steel’s upfront offer for Bhushan Power was Rs 19,300 crore, and another Rs 350 crore had been offered for operational creditors.