JSW Steel will move the National Company Law Appellate Tribunal (NCLAT) on Friday to seek immunity from the ongoing criminal fraud cases against Bhushan Power and Steel Ltd (BPSL).
JSW Steel is the new owner of Bhushan Power after it emerged the top bidder through the insolvency process. JSW Steel will also appeal to retain the profit made by Bhushan Power and Steel in its books during the last two years of insolvency period, said legal sources close to the company.
Earlier this 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.
