NCLAT asks ED to release Bhushan Power’s attached property
The National Company Law Appellate Tribunal (NCLAT) on Monday put JSW Steels Rs 19,700 crore payment to acquire Bhushan Power and Steel (BPSL) on hold and asked the Enforcement Directorate (ED) to release the BPSL’s attached properties.
The appellate tribunal also asked the ED not to attach any more property of BPSL without its permission.
The Enforcement Directorate (ED) on Saturday said that it has attached immovable properties worth Rs 4,025.23 crore of BPSL in a money laundering case against the firm for siphoning-off funds obtained as loans from various banks and financial institutions. Following the attachment, JSW Steel, in a statement, said that the action vindicates the company’s stand on immunity.
