Tuesday, October 4, 2022

JSW Steel wants safeguards in Bhushan Steel bid

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New Delhi: JSW Steel has approached the National Company Law Appellate Tribunal (NCLAT), seeking safeguards in its bid for Bhushan Power & Steel. The company has asked for immunity from money-laundering investigations at Bhushan Power & Steel.

‘Certain reliefs sought by JSW Steel not granted’

“We hereby inform you that on a detailed examination of the terms and conditions of the NCLT order approving the Resolution Plan, it has come to our notice that the approval contains certain modifications,” JSW Steel said in an official statement on Friday.

“Further, certain important reliefs sought by the company have also not been granted. The company has, therefore, appealed against the said order dated September 5, 2019, before the relevant judicial forum,” it added. The company also wants a review of the NCLT order so that profits generated by Bhushan Power & Steel during the insolvency process are redistributed to the financial creditors.

The backdrop

JSW Steel’s appeal refers to the period when the company was under its previous owners. The company feels that it may be held responsible for any liabilities in the future after it takes over the beleaguered firm.

The National Company Law Tribunal (NCLT) had recently given a nod to JSW Steel’s Rs 19,700-crore acquisition of Bhushan Power & Steel but did not grant it any immunity against the investigations.

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