{"id":337918,"date":"2020-02-18T11:47:37","date_gmt":"2020-02-18T06:17:37","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=337918"},"modified":"2020-02-18T12:04:19","modified_gmt":"2020-02-18T06:34:19","slug":"nclat-clears-way-for-jsw-steel-to-acquire-bhushan-power","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nclat-clears-way-for-jsw-steel-to-acquire-bhushan-power\/","title":{"rendered":"NCLAT clears way for JSW Steel to acquire Bhushan Power"},"content":{"rendered":"<p>NEW DELHI : The National Company Law Appellate Tribunal (NCLAT) on Monday rejected pleas challenging the sale of bankrupt steel maker Bhushan Power and Steel Ltd (BPSL) to JSW Steel Ltd, paving the way for the latter to complete the process of its impending acquisition.<\/p>\n<p>A bench headed by Justice SJ Mukhopadhyay in January had reserved its judgement on the purchase of Bhushan Power by the Sajjan Jindal-led steel giant, more than three months after the court ordered freezing the payment by JSW Steel to all lenders of the insolvent firm.<\/p>\n<p>The appellate tribunal had to decide on whether to remove the stay on the \u20b919,700-crore bid by JSW Steel or if the company could be granted immunity under new amendment of the Insolvency and Bankruptcy Code (IBC). The newly introduced Section 32A of the IBC provides immunity to the new management of a distressed company acquired under the law.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI : The National Company Law Appellate Tribunal (NCLAT) on Monday rejected pleas challenging the sale of bankrupt steel maker Bhushan Power and Steel Ltd (BPSL) to JSW Steel Ltd, paving the way for the latter to complete the process of its impending acquisition. A bench headed by Justice SJ Mukhopadhyay in January had reserved its judgement on the purchase of Bhushan Power by the Sajjan Jindal-led steel giant, more than three months after the court ordered freezing the payment by JSW Steel to all lenders of the insolvent firm. The appellate tribunal had to decide on whether to [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,237],"tags":[],"class_list":["post-337918","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-power-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/337918","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\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=337918"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/337918\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=337918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=337918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=337918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}