JSW Steel files appeal at NCLAT to modify takeover terms of Bhushan Power

JSW Steel has filed an appeal at the National Company Law Tribunal, contesting the conditions of its takeover of bankrupt steel mill Bhushan Power and Steel (BPSL). The appeal is expected to come up for hearing on Monday.

In a filing with stock exchanges, JSW Steel said: “In continuation of our earlier disclosure dated September 06, 2019 and pursuant to the provisions of Regulation 30 of the LODR (Listing Obligations and Disclosure Requirements) Regulations, we hereby inform you that on detailed examination of the terms and conditions of the NCLT order approving the resolution plan, it has come to our notice that the approval contains certain modifications. 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.”