JSW Steel moves NCLAT for immunity from criminal cases against Bhushan Power and Steel

JSW Steel has filed a petition with the National Company Law Appellate Tribunal (NCLAT) on Friday seeking immunity from the ongoing criminal fraud cases against Bhushan Power and Steel as its new owner.

The case will come up hearing on Monday, said sources

The petition has also sought NCLAT approval to retain the profit made by Bhushan Power and Steel in its books during the last two years of the insolvency period.

Financial creditors will set a new precedence if they agree to part with the profit made by Bhushan Power. Incidentally, in the Essar Steel insolvency case, NCLAT had ordered the ₹3,400-crore profit made by the insolvent company be distributed between financial and operational creditors while rejecting the winning bidder ArcelorMittal’s claim that the amount belongs to it.