NCLAT approves JSW Steel bid for Bhushan Power

The National Company Law Appellate Tribunal has approved the Rs 19,700 crore resolution plan of JSW Steel to takeover the bankrupt Bhushan Power and Steel with the immunity from the ongoing criminal investigation against the promoter of Bhushan Power.

However, it has to be seen whether the investigating agencies such CBI and Enforcement Directorate, which had earlier questioned the authority of NCLAT to provide such an immunity, will move the Supreme Court against the verdict.

In fact, Enforcement Directorate had named JSW Steel in its investigation report.

In this circumstances, it has to be seen whether JSW Steel will deposit the money to close the deal.