NCLAT stays implementation of JSW Steel's resolution plan for Bhushan Power

Appellate tribunal also asks ED to release all attached assets immediately to RP of Bhushan Power, bars further attachment

The National Company Law Appellate Tribunal (NCLAT) on Monday stayed the implementation of JSW Steel’s Rs 19,700-crore resolution plan for Bhushan Power and Steel. 

A three-member Bench, headed by Chairperson Justice S J Mukhopadhaya, also ordered the release of all assets of Bhushan Power and Steel, which were attached by the Directorate of Enforcement (ED), to the resolution professional of the firm. The ED, the appellate tribunal said, would also be barred from attaching any assets of the company.

The NCLAT order asking the ED to release all attached assets and barring it from attaching any more assets of Bhushan Power came