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Business News/ News / India/  NCLAT gives approval to JSW Steel to acquire Bhushan Power
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NCLAT gives approval to JSW Steel to acquire Bhushan Power

The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire of Bhushan Power & Steel Ltd
  • A two-member bench said that JSW Stwel will be immuned from the acts done by the former promoters of the Bhushan Power & Steel Ltd
  • It has also rejected the petitions filed by operational creditors, seeking higher claims. (Bloomberg)Premium
    It has also rejected the petitions filed by operational creditors, seeking higher claims. (Bloomberg)

    New Delhi: The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire of Bhushan Power & Steel Ltd for 19,700 crore by providing it immunity from prosecution.

    A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Stwel will be immuned from the acts done by the former promoters of the Bhushan Power & Steel Ltd.

    However, it also said that prosecution against the former promoters under the money laundering act by the Enforcement Directorate can continue.

    It has also rejected the petitions filed by operational creditors, seeking higher claims.

    The bench said that the EBITDA (earnings before interest, tax, depreciation and amortization) earned by BPSL during its Corporate Insolvency resolution period will be given to JSW Steel.

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    Published: 17 Feb 2020, 11:49 AM IST
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