NCLT approves JSW Steel's Rs 19,700-crore bid for Bhushan Power & Steel

Adjudicating authority asks RP of Bhushan Power to redistribute profit made during CIRP among all creditors

The Principal Bench of the National Company Law Tribunal (NCLT) on Thursday approved JSW Steel's Rs 19,700-crore bid for debt-laden Bhushan Power & Steel.

In a 138-page judgment, the NCLT Bench, while approving the resolution plan submitted by JSW Steel, said the committee of creditors (CoC) and the resolution professional (RP) of the corporate debtor shall continue to function as monitoring agency for now.

The adjudicating authority, however, said the RP shall redistribute the profits earned by Bhushan Power during the Corporate Insolvency Resolution Process (CIRP) among the financial and operational creditors in accordance with the National Company Law Appellate Tribunal’s (NCLAT's)