NCLAT tells JSW Steel to hold payment for Bhushan Power asset
The National Company Law Appellate Tribunal (NCLAT) has asked JSW Steel to put its plan of paying Rs 19,700 crore for Bhushan Power and Steel on hold, till clarity emerges.
The order was passed by NCLAT on Monday after the Enforcement Directorate attached the Bhushan Power and Steel asset on Saturday in a case filed by Punjab National Bank and Allahabad Bank.
The banks have claimed a fraud of Rs 5,500 crore by Bhushan Power and Steel promoters. They attached asset including land, buildings and machinery of BPSL’s plant in Sambalpur district of Odisha, worth Rs 4,025 crore. The case is being investigated under Prevention of Money Laundering Act.
