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Bhushan Power
The NCLT on Tuesday adjourned its hearing over a petition filed by Sanjay Singhal, former promoter of debt-ridden Bhushan Power & Steel Ltd (BPSL), to June 26. Singhal has approached the National Company Law Tribunal (NCLT), seeking enforcement of the order passed by the Supreme Court, which had on May 2 quashed the Rs 19,700 crore resolution plan from Sajjan Jindal-led JSW Steel. Setting aside the previous order passed by the tribunal, the apex court had directed initiation of liquidation of BPSL, as per the provisions of the Insolvency & Bankruptcy Code. Following this, Singhal moved NCLT to place on record the judgment order of the Supreme Court and its implementation. The matter was listed before the Delhi-based Principal bench of the NCLT, where a two-member bench comprising its president adjourned the matter to June for the next hearing. However, NCLT took the judgment passed by the Supreme Court on BPSL on record. During the proceedings of the NCLT, Solicitor General of
The Supreme Court Friday admitted a plea challenging appellate tribunal NCLAT's order allowing JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. A bench comprising Chief Justice S A Bobde and Justices B R Gavai and Surya Kant refused however to put the sale on hold. "The appeals are admitted. Senior Advocate Dr A M Singhvi, appearing for the Committee of Creditors, states that in case he receives money, he will return the said amount within two months, if the appeal succeeds," the bench said. The apex court has put up the matter for hearing on April 15. A two-member bench of the National Company Law Appellate Tribunal (NCLAT), headed by Chairman Justice S J Mukhopadhaya, had said that JSW Steel will be immune from the acts done by the former promoters of Bhushan Power & Steel Ltd (BPSL). However, it had also said that prosecution against the former promoters under the money laundering ...