Bhushan Power and Steel case: NCLAT stays JSW Steel's Rs 19,700 crore payment

The National Company Law Appellate Tribunal has stayed payment of Rs 19,700 crore by JSW Steel to Bhushan Power and Steel Ltd.

JSW Steel last month moved the NCLAT tribunal seeking immunity from criminal proceedings in the ongoing bank fraud investigation after the National Company Law Tribunal (NCLT) had approved its Rs 19,700 crore bid to acquire the bankrupt BPSL under the Insolvency and Bankruptcy Code (IBC).

The Enforcement Directorate (ED) on Saturday said that it has attached immovable properties worth Rs 4,025.23 crore of BPSL in a money laundering case against the firm for siphoning-off funds obtained as loans from various banks and financial institutions. Following the attachment, JSW Steel, in a statement, said that the action vindicates the company's stand on immunity.