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JSW Steel Seeks Immunity from Litigation against Bhushan Power & Steel Limited

Steel News - Published on Fri, 19 Jul 2019

Image Source: SteelGuru
Economic Times reported that JSW Steel has sought immunity from future litigations against Bhushan Power & Steel for any illegal activity under the previous management amid reports of alleged bank fraud by former promoters of the troubled company undergoing debt resolution process. JSW Steel, whose resolution plan under the Insolvency and Bankruptcy Code has been approved by lenders of Bhushan Power & Steel has approached the National Company Law Tribunal for relief in the wake of a series of fraud cases reported by banks including Punjab National Bank and Allahabad Bank against BPSL. A top JSW official told ET that “We have represented to NCLT after PNB and other cases. We have sought relief so that we are not impacted by any litigation. We are waiting for the court order.”

JSW Steel has also asked for a copy of the forensic audit report on BPSL following these cases. PNB had recently reported a INR 3,800-crore fraud by BPSL by way of misappropriating bank funds and manipulating its books. Allahabad Bank last week reported a INR 1,774-crore fraud.

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Posted By : Sanju Moirangthem on Fri, 19 Jul 2019
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