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 prosecution.
A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Stwel will be immuned from the acts done by the former promoters of the 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.
It has also rejected the petitions filed by operational creditors, seeking higher claims.
The bench said that the EDITDA earned by BPSL during its Corporate Insolvency resolution period will be given to JSW Steel.
Source: The Business Standard, February 17,2020