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Last Updated : Sep 13, 2019 04:07 PM IST | Source: Moneycontrol.com

JSW Steel approaches NCLAT, moves for safeguard in Bhushan Power and Steel bid

The appeal is against the earlier NCLT order

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JSW Steel has moved the National Company Law Appellate Tribunal (NCLAT) asking for safeguards in its bid for Bhushan Power & Steel.

The steelmaker has asked for immunity from money-laundering investigations at Bhushan Power & Steel. While the investigations pertain to the period when the company was under its previous owners, JSW Steel fears it may be held responsible for any liabilities arising in future.

"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 a statement on September 13.

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"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 National Company Law Tribunal had earlier cleared JSW Steel's Rs 19,700 crore acquisition of Bhushan Power and Steel but did not grant it any immunity against the investigations.

JSW is also asking for a re-look on NCLT's order to re-distribute profits generated by Bhushan Power & Steel during the insolvency process, to the financial creditors.

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First Published on Sep 13, 2019 04:07 pm
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