At the centre of the present impasse between National Company Law & Appellate Tribunal (NCLAT) and Enforcement Directorate (ED) is Bhushan Power & Steel, one of the biggest corporate defaulters in India. One of its group companies, Bhushan Steel, was referred by the Reserve Bank of India (RBI) to the National Company Law Tribunal (NCLT) in 2017 for resolution of its bad debts under the Insolvency and Bankruptcy Code 2016.
It was acquired by the Tata Group for Rs 35,200 crore, enabling banks to recover almost two-thirds of their dues from the firm. Creditors have claimed Rs 56,079 crore ...
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