A two-headed bank led by the head of the judiciary, SJ Mukhopadhaya, said that JSW Stwel opposed the actions of the former sponsors of Bhushan Power & Steel Ltd. will be immune.
Image for illustration. (Reuters)
New Delhi: The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire Bhushan Power & Steel Ltd for rupees 19,700 by granting him immunity from law enforcement.
A two-member bank headed by Justice Chairman SJ Mukhopadhaya said JSW Steel opposed the actions of former Bhushan Power & Steel Ltd. sponsors. will be immune.
However, it was also pointed out that criminal prosecution against the former project promoters can continue under the Enforcement Authority's Money Laundering Act.
It has also rejected requests for higher claims from operational creditors.
The bank announced that the EDITDA earned by BPSL during the bankruptcy settlement period will be released to JSW Steel.
Get the best of News18 in your inbox – subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegramm, TikTok and on YouTube and stay up to date with what's happening in the world around you – in real time.