Home >News >India >NCLAT gives approval to JSW Steel to acquire Bhushan Power
It has also rejected the petitions filed by operational creditors, seeking higher claims. (Bloomberg)
It has also rejected the petitions filed by operational creditors, seeking higher claims. (Bloomberg)

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

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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