NCLAT directs ED to release Bhushan Power and Steel assets
The National Company Law Appellate Tribunal (NCLAT) on Monday stayed the Enforcement Directorate (ED) order to attach the properties of Bhushan Power and Steel Ltd (BPSL) as part of the ED’s investigation into money laundering by its promoter.
It also put on hold the ₹19,700-crore payout by JSW Steel for acquiring the debt-ridden BPSL till its further orders.
Hearing a petition filed by JSW Steel seeking immunity from ongoing criminal proceedings against Bhushan Power promoters, SJ Mukhopadhaya, NCLAT Chairperson, said in his order that the stand taken by the ED is contrary to that of the government and hence the order of attachment dated October 10 passed by the ED with regard to the property of BPSL is stayed.
