Directorate (ED) plans to move the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order directing it to release the attached property of Bhushan Power and Steel Ltd (BPSL). The decision may further delay the insolvency resolution of BPSL, which has been going on for two years.
Investigating the case filed against BPSL promoters Sanjay and Aarti Singhal, the ED had attached the company’s plant and various properties worth ₹4,025 crore. Earlier, Punjab National Bank and Allahabad Bank had accused the promoters and directors of BPSL of availing a loan worth ₹5,500 crore by producing false documents.
Hearing the petition filed JSW Steel, the highest bidder for BPSL, SJ Mukhopadhaya, Chairperson, NCLAT, had said the stand taken by the ED was contrary to that of the government, and hence the order of attachment with regard to part property of BPSL was stayed.
