Bhushan Power case: NCLAT seeks govt’s response on JSW Steel’s plea

Our Bureau Mumbai | Updated on September 26, 2019

The National Company Law Appellate Tribunal (NCLAT) has issued a notice to the Union government, the Enforcement Director (ED) and the CBI on a petition filed by JSW Steel.

JSW Steel has sought immunity from an ongoing investigation into an alleged financial fraud at Bhushan Power and Steel once it acquires the company.

All the parties that have been issued the NCLAT notice have to respond within a week. The next hearing in the case is slated for October 14.

Interestingly, NCLAT has not directed JSW Steel to deposit any money for taking over the stressed asset.

Early last week, the National Company Law Tribunal approved the ₹19,700-crore bid placed by JSW Steel but directed the company to seek relief from ongoing cases from the competent authority.

Published on September 16, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor