ED action against Bhushan Power assets vindicates JSW Steel’s fears
5 years, 2 months ago

ED action against Bhushan Power assets vindicates JSW Steel’s fears

Live Mint  

After the Enforcement Directorate attached assets of Bhushan Power and Steel Ltd in an alleged bank fraud, JSW Steel Ltd said the probe agency’s action has vindicated its stand to seek immunity from criminal proceedings in the ongoing probe. JSW Steel had in September moved National Company Law Appellate Tribunal seeking immunity from criminal proceedings in the ongoing bank fraud investigation against erstwhile promoter of BPSL. The appellate tribunal will hear JSW Steel’s plea on Monday “It vindicates JSW Steel stand of seeking immunity from attachment of properties of corporate debtor. Approving JSW Steels’s bid for BPSL, the National Company Law Tribunal had said criminal proceedings against the erstwhile promoter of BPSL, Sanjay Singhal, would not impact the implementation of JSW Steel’s resolution proposal.

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History of this topic

ED hands over BPSL’s assets worth Rs 4k crore to JSW
3 weeks, 5 days ago

ED hands over BPSL’s assets worth Rs 4k crore to JSW

New Indian Express  

NEW DELHI: The Directorate of Enforcement handed over Bhushan Power and Steel Ltd assets worth Rs 4,025 crore to JSW, which successfully bid for BPSL under the insolvency resolution process. The enforcement directorate had attached the properties of Bhushan Power and Steel Ltd after it found the company and its promoters diverted bank funds to private investments in the form …

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW
3 weeks, 6 days ago

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

The Hindu  

The Enforcement Directorate has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code. The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of …

ED returns assets worth Rs 4,025 crore in Bhushan Steel fraud case
3 weeks, 6 days ago

ED returns assets worth Rs 4,025 crore in Bhushan Steel fraud case

Deccan Chronicle  

New Delhi: The ED has restituted assets worth Rs 4,025 crore of the erstwhile Bhushan Steel and Power Limited to JSW Steel following approval from the Supreme Court, the federal probe agency said on Saturday.JSW Steel was the successful resolution applicant to the assets of the insolvent company under the Insolvency and Bankruptcy Code of the Corporate Insolvency Resolution Process. …

Supreme Court Issues Notice To Punjab National Bank On Serious Fraud Investigation Office's Pleas Alleging Fund Embezzlement In Bhushan Steel Ltd.
2 years, 2 months ago

Supreme Court Issues Notice To Punjab National Bank On Serious Fraud Investigation Office's Pleas Alleging Fund Embezzlement In Bhushan Steel Ltd.

Live Law  

A Supreme Court bench comprising Chief Justice U.U. Lalit and Justices S. Ravindra Bhat and Bela M. Trivedi on Wednesday issued notice to Punjab National Bank on petitions filed by the Serious Fraud Investigation Office regarding alleged siphoning of funds of Bhushan Steel Ltd.The SFIO had submitted before the court that the accused were complicit in embezzlement of funds and. …

IBC Cases Weekly Round Up: July 10 To 17 July, 2022
2 years, 5 months ago

IBC Cases Weekly Round Up: July 10 To 17 July, 2022

Live Law  

Supreme Court Case Title: Vidarbha Industries Power Ltd. vs Axis Bank Limited Case No. The National Company Law Tribunal, Mumbai Bench, comprising of Shri H. V. Subba Rao Shri Chandra Bhan Singh, has directed the Resolution Professional to file a fresh a report under Section 99 of the Insolvency and Bankruptcy Code, 2016 for recommending approval or rejection of insolvency …

JSW Steel’s $2.7 billion purchase of Bhushan Power faces fresh legal test
4 years, 10 months ago

JSW Steel’s $2.7 billion purchase of Bhushan Power faces fresh legal test

Live Mint  

JSW Steel Ltd.’s $2.7 billion purchase of a bankrupt steel mill is facing a fresh hurdle after a former chairman of Bhushan Power & Steel Ltd. challenged the deal in the country’s top court. Sanjay Singal filed a petition on Monday against a ruling by a bankruptcy tribunal that had approved the deal earlier this month, according to the Supreme …

NCLAT allows JSW Steel acquire Bhushan Power – India TV
4 years, 10 months ago

NCLAT allows JSW Steel acquire Bhushan Power – India TV

India TV News  

The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power …

NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED
4 years, 10 months ago

NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED

Firstpost  

A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power & Steel. New Delhi: The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire of Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from …

NCLAT clears way for JSW Steel to acquire Bhushan Power
4 years, 10 months ago

NCLAT clears way for JSW Steel to acquire Bhushan Power

Live Mint  

The National Company Law Appellate Tribunal on Monday rejected pleas challenging the sale of bankrupt steel maker Bhushan Power and Steel Ltd to JSW Steel Ltd, paving the way for the latter to complete the process of its impending acquisition. JSW Steel moved NCLAT seeking immunity from future litigation after Bhushan Power was booked for alleged accounting frauds, which had …

NCLAT directs Enforcement Directorate to file final affidavit in Bhushan Power & Steel assets attachment matter
5 years, 1 month ago

NCLAT directs Enforcement Directorate to file final affidavit in Bhushan Power & Steel assets attachment matter

Firstpost  

Earlier, on 25 October, the NCLAT had asked both organisations, which are presently headed by Sitharaman, to settle the matter adding that there was no question of amendment of laws. New Delhi: The National Company Law Appellate Tribunal on Friday asked the Enforcement Directorate to file a final affidavit containing developments related to attachment of Bhushan Power & Steel Ltd …

ED links over ₹4,025 crore Bhushan Power assets to fraud probe
5 years, 2 months ago

ED links over ₹4,025 crore Bhushan Power assets to fraud probe

Live Mint  

India's financial fraud agency said on Saturday assets worth ₹4,025 crore of Bhushan Power & Steel Limited were connected with a money-laundering probe, a move that could scupper the debt-ridden firm's sale to JSW Steel Ltd The Enforcement Directorate said on Twitter that Bhushan Power's land, building, plant and machinery were among the assets now associated with an ongoing banking …

ED attaches Bhushan Power & Steel's Odisha plant worth Rs 4,025 crore
5 years, 2 months ago

ED attaches Bhushan Power & Steel's Odisha plant worth Rs 4,025 crore

India Today  

The Enforcement Directorate on Saturday attached Bhushan Power and Steel Limited's properties worth Rs 4,025 crore, as per the order of the PMLA court. An amount of Rs 695.14 crore was introduced as the capital by Sanjay Singal and his family members in BPSL out of artificially generated Long Term Capital Gains by a diversion of bank loans fund of …

Bhushan Power buyout: NCLAT to hear probe agencies over JSW Steel's plea seeking protection from investigation against BPSL
5 years, 3 months ago

Bhushan Power buyout: NCLAT to hear probe agencies over JSW Steel's plea seeking protection from investigation against BPSL

Firstpost  

The NCLAT also said it will decide over the payment of Rs 19,350 crore by JSW Steel to the Committee of Creditors of Bhushan Power and Steel on the next date of hearing. The appellate tribunal’s direction came during the hearing of a petition filed by JSW Steel seeking protection against the ongoing investigation going under the Prevention of Money …

JSW wins NCLT nod for Bhushan Power, but may still appeal
5 years, 4 months ago

JSW wins NCLT nod for Bhushan Power, but may still appeal

Live Mint  

Mumbai: A bankruptcy court on Thursday approved JSW Steel Ltd’s ₹20,000 crore bid to take over bankrupt Bhushan Power and Steel Ltd, marking the second successful resolution of a major steel asset under the insolvency code. JSW Steel is, however, not entirely pleased with the verdict of the Delhi bench of the National Company Law Tribunal and may appeal the …

Despite frauds, JSW Steel Chairman Sajjan Jindal says no plan to exit Bhushan Power & Steel bid
5 years, 5 months ago

Despite frauds, JSW Steel Chairman Sajjan Jindal says no plan to exit Bhushan Power & Steel bid

Firstpost  

Mumbai: JSW Steel chairman Sajjan Jindal on Thursday said the company will not withdraw from or reduce the bid amount for Bhushan Power & Steel, but reiterated the call for immunity from future litigations against the scam-tainted firm. JSW Steel, which has submitted a successful Rs 19,300-crore bid to take over Bhushan Power & Steel, has approached the NCLT for …

Won’t back out from buying Bhushan Power but anxious about fraud reports: JSW Steel
5 years, 5 months ago

Won’t back out from buying Bhushan Power but anxious about fraud reports: JSW Steel

Live Mint  

New Delhi: JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports …

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT
5 years, 5 months ago

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT

Firstpost  

New Delhi: JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports …

NCLAT dismisses Tata Steel plea; upholds lender's decision to approve JSW's bid for Bhushan Power & Steel
5 years, 11 months ago

NCLAT dismisses Tata Steel plea; upholds lender's decision to approve JSW's bid for Bhushan Power & Steel

Firstpost  

JSW Steel had revised its offer from Rs 11,000 crore to Rs 18,000 crore and later to over Rs 19,000 crore, whereas Tata Steel’s last offer was at Rs 17,000 crore after it had refused to revised its bid. New Delhi: The National Company Law Appellate Tribunal on Monday dismissed a Tata Steel’s plea and upheld lenders’ decision to approve …

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