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 & Steel Ltd.However, it also said that prosecution against the former promoters under the money laundering act by the Enforcement Directorate can continue. On October 10, the ED had attached assets worth over Rs 4,025 crore of debt-ridden BPSL in connection with its money laundering probe linked to an alleged bank loan fraud by its former promoters. JSW Steel, which emerged as the successful resolution applicant with its Rs 19,700 crore bid for BPSL, filed an appeal against the ED's move before the National Company Law Appellate Tribunal.

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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 returns assets worth Rs 4,025 crore in Bhushan Steel fraud case
3 weeks, 5 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. …

Coal ministry cancels allocation of Chhattisgarh coal block to JSW Steel
2 months ago

Coal ministry cancels allocation of Chhattisgarh coal block to JSW Steel

Live Mint  

New Delhi: The Union coal ministry has annulled the allocation of the Banai-Bhalumunda coal block in Chhattisgarh to Sajjan Jindal-led JSW Steel over non-payment of a performance bank guarantee worth around ₹1,000 crore. In a 7 November order, the nominated authority of the coal ministry said that JSW Steel failed to comply with conditions after the issuance of the vesting …

Monthly Digest Of IBC Cases: September 2023
1 year, 3 months ago

Monthly Digest Of IBC Cases: September 2023

Live Law  

Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required …

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. …

ED attaches Rs 190-crore Mumbai building in bank fraud case against Bhushan Power
3 years, 3 months ago

ED attaches Rs 190-crore Mumbai building in bank fraud case against Bhushan Power

India Today  

The Enforcement Directorate has attached a residential building in Mumbai’s posh Worli area in connection with a money laundering case lodged against Bhushan Power & Steel Ltd. The building worth over Rs 190 crore, located at Ceejay House in Worli, has been attached under Prevention of Money Laundering Act as part of the ED’s investigation against Sanjay Singal, former chief …

Orissa High Court Dismisses PIL Challenging Auction To ArcelorMittal Nippon Steel Limited
3 years, 11 months ago

Orissa High Court Dismisses PIL Challenging Auction To ArcelorMittal Nippon Steel Limited

Live Law  

In a big relief to ArcelorMittal Nippon Steel Limited, Tata Steel BSL Limited, and Bhushan Power and Steel Limited, the Division Bench comprising of Chief Justice S. Muralidhar and Justice C.R. The auction process for grant of Iron Ore blocks was initiated by the Government of Odisha for Ghoraburhani-Sagasahi block, Kalamanga West block, Netrabandha-Pahar block, and the Letters of Intent …

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 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 …

Steel stocks rebound from SC order in Essar Steel insolvency case
5 years, 1 month ago

Steel stocks rebound from SC order in Essar Steel insolvency case

Live Mint  

New Delhi: Steel stocks rebounded on Friday after the initial trades saw them falling sharply in the wake of the Supreme Court order that cleared the way for the world’s largest steel maker, ArcelorMittal, to acquire the insolvent Essar Steel. The SC set aside the National Company Law Appellate Tribunal order that had brought operational creditors on par with financial …

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 …

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 …

PNB shares plunge over 11% after detection of Rs 3,800-cr bank fund misappropriation by Bhushan Power & Steel
5 years, 6 months ago

PNB shares plunge over 11% after detection of Rs 3,800-cr bank fund misappropriation by Bhushan Power & Steel

Firstpost  

PNB said on Saturday that Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. New Delhi: Shares of Punjab National Bank on Monday dived over 11 percent after the detection of fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd. “On the basis of …

PNB reports over Rs 3,800 cr fraud by Bhushan Power & Steel Ltd
5 years, 6 months ago

PNB reports over Rs 3,800 cr fraud by Bhushan Power & Steel Ltd

India TV News  

Public sector lender Punjab National Bank said Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd and has reported it to the Reserve Bank of India. PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. "On the …

Bhushan Power Insolvency - NCLAT Wonders How P&H HC Passed Directions; Asks NCLT To Follow Orders Of Only SC & NCLAT
5 years, 6 months ago

Bhushan Power Insolvency - NCLAT Wonders How P&H HC Passed Directions; Asks NCLT To Follow Orders Of Only SC & NCLAT

Live Law  

The National Company Law Appellate Tribunal has expressed surprise at the intervention made by the Punjab and Haryana High Court in the corporate insolvency resolution process of Bhushan Power and Steel, which is going on in National Company Law Tribunal, New Delhi bench.The NCLAT has directed the NCLT to consider the matter "uninfluenced by any order except the decision of …

BoB puts Bhushan Power, 66 others accounts on block as NCLT process gets delayed
5 years, 7 months ago

BoB puts Bhushan Power, 66 others accounts on block as NCLT process gets delayed

Live Mint  

Mumbai: As resolution through the insolvency courts keep getting delayed inordinately, the state-run Bank of Baroda has put on sale non-performing loans amounting to ₹9,060 crore, including two large accounts - Bhushan Power & Steel and Alok Industries which are undergoing insolvency process but delayed. Besides these two big accounts, the bank is also looking to sell 65 other medium …

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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