NCLT approves JSW Steel’s ₹19,700-cr bid for Bhushan Power

The National Company Law Tribunal (NCLT) has approved the JSW Steel’s ₹19,700-crore bid for debt-ridden Bhushan Power & Steel Ltd (BPSL) and assured that the slew of criminal proceedings against BPSL promoters will not affect the company in future.

While clearing the bid, the two-member principal bench of the NCLT headed by President Justices MM Kumar and SK Mohapatra on Tuesday said the criminal cases against the promoters of BPSL for siphoning off the funds from the company will not to impact JSW Steel as its new promoter.

NCLT also said the profit made by BPSL during the insolvency period will be distributed between creditors of Bhushan Power, in accordance with the ruling by the National Company Law Appellate Tribunal in the ArcelorMittal case.