The National Company Law Appellate Tribunal (NCLAT) on Monday stayed the sale of Bhushan Power and Steel (BPSL), under the Insolvency and Bankruptcy Code (IBC), to JSW Steel and asked the Enforcement Directorate to release the assets of BPSL worth about ₹4,025 crore, which the government agency had attached in a bank fraud case.
This comes after JSW Steel last month moved NCLAT seeking immunity from criminal proceedings in the ongoing bank fraud investigation against erstwhile promoter of BPSL. JSW Steel has emerged as the highest bidder with offer of ₹19,700 crore for the debt-ridden firm. The NCLAT while staying its earlier order has put the case ‘for orders’ on October 25.
Published - October 14, 2019 10:19 pm IST
