JSW Steel in quandary as Apex Court agrees to hear Bhushan Power promoter’s plea
In a interesting twist, the Supreme Court had accepted the petition filed by Bhushan Power and Steel promoter Sanjay Singal against JSW Steel’s bid to take over the bankrupt company in an insolvency driven process.
Among other issues, the petitioner had questioned the National Company Law Appellate Tribunal’s powers to provide immunity for JSW Steel from the ongoing investigation against BPSL and its promoters.
The three-judge Supreme Court panel headed by Chief Justice SA Bobde refused to stay JSW Steel from proceeding with the acquisition.
The court said if JSW Steel pays the money and loses the case, then the lenders have to return the money to the company.
