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

The NCLT also rejected the objections raised by Tata Steel over the bids submitted by JSW and its erstwhile promoters

Press Trust of India  |  New Delhi 

steel, ArcelorMittal, JSW steel

The National Company Law Tribunal (NCLT) on Thursday approved the Steel's Rs 19,700 crore resolution plan for debt-ridden Bhushan Power & Steel Ltd (BPSL).

A two-member principal bench of the headed by President Justice M M Kumar has also said the criminal cases against the promoters of BPSL for siphoning of the funds from the company will not to impact Steel as its new promoter.

The tribunal has also said the profits made by BPSL during insolvency period will be distributed between creditors of Bhushan Power, in accordance with the ruling by the National Company Law Appellate Tribunal (NCLAT) in the case.

The also rejected the objections raised by Tata Steel over the bids submitted by and its erstwhile promoters.

In April, the had reserved its judgement after concluding hearing from the parties.

Tata Steel had objected the improved financial offer of JSW Steel before the Resolution Professional and the Committee of Creditors' of

The tribunal had initiated corporate insolvency resolution process (CIRP) against BPSL on July 26, 2017, admitting the plea of its lead lender Punjab National Bank (PNB).

First Published: Thu, September 05 2019. 15:34 IST
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