Bhushan Power acquisition: JSW Steel likely to pay Rs 19,700 cr by March 15

JSW Steel is all set to wrap up one of the long-drawn and high profile insolvency resolution cases, as it is likely to pay Rs 19,700 crore to acquire the bankrupt Bhushan Power and Steel Ltd by March 15, sources said.

On Monday, the National Company Law Appellate Tribunal (NCLAT) had permitted JSW Steel to acquire the bankrupt company and granted it immunity from prosecution by the Enforcement Directorate (ED).

Sajjan Jindal-led JSW Steel had faced a number of challenges, apart from the usual competition in terms of bids and resolution plans.

Last September, the National Company Law Tribunal had approved its resolution plan to takeover the insolvent company, but the Enforcement Directorate, investigating alleged fraud committed by the debt-laden firm’s previous management, had attached the assets of BPSL which,