NCLAT defers hearing on JSW Steel’s Bhushan Power buyout till January 31
The National Company Law Appellate Tribunal (NCLAT) on Thursday adjourned till January 31 its hearing on Bhushan Power and Steel Ltd’s sale to JSW Steel under the insolvency process. The appellate tribunal has given around one week more to investigative agencies to file an affidavit clarifying whether prosecution against Bhushan Power and Steel Ltd (BPSL) can be dropped once JSW Steel, the successful bidder, takes over the company.
The Enforcement Directorate (ED) is investigating alleged fraud committed by the debt-laden firm’s previous management. On January 13, the NCLAT had asked investigative agencies such as the ED, the Serious Fraud Investigation Office and the Central Bureau of Investigation (CBI) to file an affidavit. According to sources, only ED has filed its reply and has opposed JSW Steel’s immunity in the BPSL insolvency case.
