BPSL CoC moves SC for clarity on primacy of IBC over other laws
The committee of creditors (CoC) of debt-ridden Bhushan Power and Steel (BPSL) on Monday moved the Supreme Court seeking clarity on the primacy of the Insolvency and Bankruptcy Code over the money-laundering and other laws.
The appeal comes in the wake of the Enforcement Directorate (ED) provisionally attaching the assets of BPSL and the National Company Law Appellate Tribunal (NCLAT) staying the implementation of JSW Steel’s resolution plan.
After the NCLT on September 5 approved the JSW Steel’s Rs. 19,700-crore bid for debt-ridden BPSL, the ED on October 10 provisionally attached BPSL’s assets worth over Rs. 4,025 crore for diversion of funds by the erstwhile management prior to the commencement of insolvency proceedings.
