NCLAT halts Bhushan Power sale to JSW Steel; asks ED to release BSPL assets
The National Company Law Appellate Tribunal (NCLAT) on Monday asked the Enforcement Directorate (ED) to release the attached properties of Bhushan Power and Steel and directed the agency not to attach any further assets without its permission.
The appellate tribunal also put the Rs 19,700-crore payout by the JSW Steel to buy the debt-ridden company on hold till further orders.
An NCLAT bench headed by Chairman Justice S J Mukhopadhyaya slammed the ED, saying that Insolvency and Bankruptcy Code (IBC) would fail if the agency functions like this and directed it to file a reply in the next two days, along with CBI.
