JSW Steel Bhushan Power Bid

There is no power conferred upon the NCLAT under the Insolvency and Bankruptcy Code (IBC) to interfere with a provisional attachment order, ED said.

Petition says, JSW disqualified under Section 29A, has no claim on Rs 3,000 crore EBITDA during CIRP

The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire of Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution. A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Stwel will be immuned from the acts done by the former promoters of the Bhushan Power & Steel Ltd. However, it also said that prosecution against the former promoters under the money laundering act by the Enforcement Directorate can continue. It has also rejected the petitions filed by operational creditors, seeking higher claims. The bench said that the EDITDA earned by BPSL during its Corporate Insolvency resolution period will be given to JSW Steel.

Adjudicating authority asks RP of Bhushan Power to redistribute profit made during CIRP among all creditors

JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports and needs to know what is going inside Bhushan Power & Steel Ltd (BPSL). A two member NCLT bench headed by the President Justice M M Kumar asked the Resolution Professional (RP) of BPSL to hand over a copy of the forensic report to JSW Steel. NCLT said that alleged fraud reports will not have any impact on the insolvency resolution process and JSW's resolution plan for BPSL. NCLT has to take a decision over the lenders' approval of the resolution plan of JSW Steel for BPSL. Earlier on February 4, the National Company Law Appellate Tribunal (NCLAT) had dismissed the plea of Tata Steel and upheld the Committee of Creditors (CoC) ...

Around 13 companies had submitted expressions of interest