{"id":324700,"date":"2020-01-29T11:52:21","date_gmt":"2020-01-29T06:22:21","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=324700"},"modified":"2020-01-29T11:52:21","modified_gmt":"2020-01-29T06:22:21","slug":"bpsl-assets-govt-to-counter-eds-contention-on-jsw-steel","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/bpsl-assets-govt-to-counter-eds-contention-on-jsw-steel\/","title":{"rendered":"BPSL assets: Govt to counter ED\u2019s contention on JSW Steel"},"content":{"rendered":"<p>For speedy resolution of Bhushan Power and Steel (BPSL), the ministry of corporate affairs (MCA) is likely to counter the Enforcement Directorate\u2019s contention that preferred bidder JSW Steel cannot seek to ring-fence BPSL and its assets after take-over since Section 32A of the Insolvency and Bankruptcy Code (IBC) does not apply retrospectively.<\/p>\n<p>In its affidavit to the National Company Law Appellate Tribunal (NCLAT) submitted on January 17, the ED said since the amendment came into force after JSW Steel\u2019s resolution plan was approved, JSW Steel cannot seek benefits accrued under the Section. JSW Steel\u2019s resolution plan for BPSL was approved by the National Company Law Tribunal on September 5, 2019; while Section 32A was notified on December 28, 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For speedy resolution of Bhushan Power and Steel (BPSL), the ministry of corporate affairs (MCA) is likely to counter the Enforcement Directorate\u2019s contention that preferred bidder JSW Steel cannot seek to ring-fence BPSL and its assets after take-over since Section 32A of the Insolvency and Bankruptcy Code (IBC) does not apply retrospectively. In its affidavit to the National Company Law Appellate Tribunal (NCLAT) submitted on January 17, the ED said since the amendment came into force after JSW Steel\u2019s resolution plan was approved, JSW Steel cannot seek benefits accrued under the Section. JSW Steel\u2019s resolution plan for BPSL was approved [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-324700","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/324700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=324700"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/324700\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=324700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=324700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=324700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}