NCLAT stays sale of Bhushan Power to Sajjan Jindal's JSW Steel
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Mumbai, Oct. 14 -- A National Company Law Appellate Tribunal (NCLAT) bench on Monday stayed the sale of stressed steel maker Bhushan Power and Steel Ltd (BPSL) through the insolvency and bankruptcy process to Sajjan Jindal's JSW Steel.
The NCLAT also asked the Enforcement Directorate to release the assets of Bhushan Power worth around Rs.4,025 crore, which the government agency had attached in a case relating to bank fraud, on Saturday, reported Bloomberg.
JSW Steel had in September moved NCLAT seeking immunity from criminal proceedings in the ongoing bank fraud investigation against erstwhile promoter of BPSL.
ED on Saturday attached assets worth Rs.4,025 crore of BPSL in connection with an alleged bank loan fraud, which is being inve...
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