The National Company Law Appellate Tribunal (NCLAT) will hear three probe agencies, including ED and SFIO, regarding JSW Steel's plea seeking immunity from prosecution after buyout of Bhushan Power and Steel, which is facing money laundering allegations.
A three-member NCLAT bench headed by chairperson Justice S J Mukhopadhaya Monday directed impleading the Ministry of Corporate Affairs, the CBI and the Enforcement Directorate as party in the matter. The next hearing would be on October 14.
The NCLAT also said it will decide over the payment of Rs 19,350 crore by JSW Steel to the Committee of Creditors (CoC) of Bhushan Power and Steel (BPSL) on the next date of hearing.
"Taking into consideration the nature of the case, we allow the Appellant (JSW) to implead Union of India through the Secretary, Ministry of Corporate Affairs and Director, Directorate of Enforcement as Respondent Nos 3 and 4, respectively," said the NCLAT.
It further said: "Union of India may also address the matter on behalf of the CBI and SFIO."
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