JSW Steel files appeal against NCLT order on Bhushan Power resolution plan
JSW Steel has moved the National Company Law Appellate Tribunal (NCLAT) seeking immunity from criminal proceedings in the ongoing fraud investigation against Bhushan Power & Steel (BPSL).
JSW informed the stock exchanges on Friday, that it noticed certain modifications on detailed examination of the terms and conditions of the NCLT order approving the resolution plan.
“Further certain important reliefs sought by the company have also not been granted. The company has therefore appealed against the said order dated September 5, 2019 before the relevant judicial forum,” the notice read.
Last week, the National Company Law Tribunal (NCLT) approved JSW’s Rs 19,700 crore offer for BPSL, one of the 12 cases mandated by the Reserve Bank of India (RBI) for debt resolution under the Insolvency and Bankruptcy Code (IBC).
