bhushan power steel

The National Company Law Appellate Tribunal (NCLAT) 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.

Tata Steel today said it has won a bid to acquire bankrupt Bhushan Steel Ltd for an undisclosed sum of money.Industry sources put the acquisition price at Rs 35,000 crore.

The National Company Law Appellate Tribunal will hear the plea of JSW Steel, which has emerged as the highest bidder for Bhushan Power & Steel Ltd, seeking immunity from the ongoing cases of money laundering against the latter on October 14. It also directed impleading the ministry of corporate affairs, the CBI and the Enforcement Directorate as party in the matter.

The National Company Law Appellate Tribunal (NCLAT) on Monday asked the Enforcement Directorate (ED) to release the attached properties of Bhushan Power and Steel and directed the agency not to attach any further assets without its permission. The appellate tribunal also put the Rs 19,700-crore payout by the JSW Steel to buy the debt-ridden company on hold till further orders.

Over 85% of the ongoing corporate insolvency cases have dragged beyond 270 days, which was the upper limit for finalisation of the process. Latest data released by the Insolvency & Bankruptcy Board of India (IBBI) on Monday showed that up to December, 1,481 of the 1,717 pending cases had extended beyond 270 days.

Brij Bhushan Singal, chairman of Bhushan Steel has finally managed to settle family feud between his sons Sanjay and Neeraj with respect to their cross-holdings in listed Bhushan Steel and unlisted Bhushan Power and Steel Ltd.

New Delhi, Jul 19 () The National Company Law Tribunal today reserved order on insolvency pleas against Bhushan Steel as well as Bhushan Steel and Power even as it 'wondered' as to why RBI had to issue directions to banks to initiate bankruptcy proceedings against big defaulters.

New Delhi, Aug 29 () Tata Steel said today that the existing power purchase pact between Bhushan Steel, the debt-laden company which it acquired, and Bhushan Energy is in under discussion.

New Delhi, Mar 9 () The creditors' panel will next week declare the highest preferred bidder for acquiring the assets of Bhushan Power and Steel amid the resolution process for the debt-laden firm being marred by controversy, sources said.

The National Company Law Appellate Tribunal (NCLAT) on Friday asked the Enforcement Directorate to file a final affidavit containing developments related to attachment of Bhushan Power & Steel Ltd (BPSL) assets.

New Delhi, Apr 23 () The National Company Law Tribunal (NCLT) today asked the lenders of Bhushan Power & Steel, led by PNB, to consider the bid submitted by UK-based Liberty House for the debt-ridden company.

The National Company Law Appellate Tribunal (NCLAT) will hear JSW Steel’s plea on Monday seeking immunity from criminal proceedings in a bank fraud case against Bhushan Power’s erstwhile promoter. Billionaire Sajjan Jindal-owned JSW Steel has bagged Bhushan Power through the bankruptcy process for Rs 19,700 crore.