Bhushan Power takeover: NCLAT gives JSW Steel immunity from criminal probes
The National Company Law Appellate Tribunal (NCLAT) on Monday gave JSW Steel Ltd immunity from all criminal investigations after its takeover of Bhushan Power & Steel Ltd, whose assets were sought to be attached by the Enforcement Directorate (ED) over alleged bungling by former management.
A two-member NCLAT bench headed by Justice S J Mukhopadhaya also declared attachment of assets of insolvent Bhushan Power & Steel Ltd (BPSL) by the ED as “illegal and without jurisdiction”.
Billionaire Sajjan Jindal-led JSW Steel had moved the appellate tribunal seeking to extinguish all present and future liabilities on account of criminal investigations against Bhushan Power & Steel, contending that an absence of any such protection would jeopardise the feasibility and viability of its resolution plan.
