JSW Steel wants ‘sanctity’ in Bhushan Power deal
JSW Steel wants its interest to be protected while the lenders hand over the stressed Bhushan Power and Steel to it under the Insolvency and Bankruptcy Code driven process.
The company’s bid of Rs. 19,500 crore for Bhushan Power has already been accepted by the lenders and is waiting for the final approval at the National Company Law Appellate Tribunal for last five months.
Several banks, including Punjab National Bank and Allahabad Bank, had unearthed frauds of over Rs. 5,000 crore involving former BPSL promoters, who have allegedly misappropriated funds and manipulated books. JSW Steel has been seeking protection to ensure that these cases do not boomerang on them after taking over Bhushan Power and Steel.
