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 Court’s website. Bidders for India’s bankrupt steel mills have faced repeated delays in their attempts to buy indebted assets. The Sajjan Jindal-led mill has been caught in legal tangles since its ₹19,700 crore bid for Bhushan Power was first approved last year, while ArcelorMittal faced more than a year-long battle for its takeover of Essar Steel India Ltd. Singal’s petition threatens to further delay or derail the takeover.

Steel Jsw Bhushan Power  power  legal  steel  deal  steels  faces  takeover  test  ruling  bhushan  purchase  faced  jsw  billion  fresh  petition

History of this topic

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 …

Urgency to fix India’s bankruptcy code
4 years ago

Urgency to fix India’s bankruptcy code

Live Mint  

MUMBAI : On the face of it, an abandoned half-constructed hospital that Mumbai’s municipal corporation successfully resuscitated overnight to treat hundreds of critical covid-19 patients is a great feel-good story for 2020. Ever since a bankrupt Seven Hills was admitted into the corporate insolvency resolution process in April 2018, the Brihanmumbai Municipal Corporation —which owns the land where the hospital …

Sec 32A IBC : Delhi HC Sets Aside SFIO Complaint Against Tata Steel BS Ltd Filed In Respect Of Bhushan Steel [Read Judgment]
4 years, 9 months ago

Sec 32A IBC : Delhi HC Sets Aside SFIO Complaint Against Tata Steel BS Ltd Filed In Respect Of Bhushan Steel [Read Judgment]

Live Law  

The Delhi High Court has quashed the summons as well as the complaint filed against Tata Steel BSL Ltd by the Serious Fraud Investigation Office. However while setting aside the complaint, the Single Bench of Justice Vibhu Bakhru clarified that this order will not affect the prosecution of the erstwhile promoters or any of the officers who may be directly …

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 …

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 …

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 …

Fraud comes to haunt banks again, but with the hope of better recovery
5 years, 6 months ago

Fraud comes to haunt banks again, but with the hope of better recovery

Live Mint  

Over the weekend, Punjab National Bank declared the now bankrupt Bhushan Power and Steel as a fraud account. The company owes PNB a little over ₹4,000 crore and the lender has reported to Reserve Bank of India a fraud of ₹3,805 crore by the company, based on a forensic audit it did. A report in The Economic Times in April …

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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