Bhushan Power & Steel
Bhushan Power & Steel
Litigation News

NCLAT upholds JSW Steel Resolution Plan for Bhushan Power & Steel, declares attachment of property by ED as illegal

NCLT had approved JSW Steel Ltd’s Resolution Plan for Bhushan Power and Steel Ltd in September 2019.

Aditi Singh

The National Company Law Appellate Tribunal today upheld the NCLT order approving JSW Steel’s Resolution Plan for Bhushan Power and Steel. (JSW Steel vs Mahender Kumar Khandelwal)

The NCLAT has also held that in view of Section 32A(1), the Enforcement Directorate and other investigating agencies do not have the powers to attach assets of a Corporate Debtor after the Resolution Plan stands approved and the criminal investigations against the Corporate Debtor stand abated.

Bar and Bench - Indian Legal news