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JSW Steel to pay for BPSL Acquisition in March

Steel News - Published on Fri, 21 Feb 2020

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IANS, citing sources, reported that JSW Steel is likely to pay INR 19,700 crore to acquire the bankrupt Bhushan Power and Steel Ltd by March 15. JSW Steel had faced a number of challenges, apart from the usual competition in terms of bids and resolution plans, but National Company Law Appellate Tribunal has permitted JSW Steel to acquire the bankrupt company and granted it immunity from prosecution by the Enforcement Directorate this week.

Last September, the National Company Law Tribunal had approved its resolution plan to takeover the insolvent company, but the Enforcement Directorate, investigating alleged fraud committed by the debt-laden firm's previous management, had attached the assets of BPSL which, it believed, were acquired from proceeds of crime, following which JSW Steel moved the NCLAT to seek immunity from the proceedings.

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Posted By : Rabi Wangkhem on Fri, 21 Feb 2020
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