Reach consensus on Bhushan Power assets, NCLAT asks ED, MCA
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has asked the Enforcement Directorate (ED) and the Ministry of Corporate Affairs (MCA) to arrive at a consensus on the government’s view regarding the attachment of assets belonging to Bhushan Power and Steel Ltd (BPSL) by the ED. The seizure has stalled BPSL’s bankruptcy resolution process under which JSW Steel was set to take it over.
A three-member NCLAT bench said Friday that any claim on the assets of BPSL by the ED would be treated as operational debt under the Insolvency and Bankruptcy Code. “It will be desirable to discuss and settle this matter,” said the bench headed by justice SJ Mukhopadhaya, referring to getting the government’s view on the issue. NCLAT will next hear the case on November 18.
