Acquisitions17 Dec 2024, 03:27 am
Supreme Court Orders ED to Hand Over Bhushan Power & Steel Assets to JSW Steel
AI Summary
The Hon'ble Supreme Court has directed the Directorate of Enforcement (ED) to hand over the control of provisionally attached assets of Bhushan Power and Steel Limited (BPSL) worth Rs. 4025.23 Crore to JSW Steel Ltd. The assets were attached by the ED pursuant to the Enforcement Case Information Report for alleged violations committed by the erstwhile promoters of BPSL. The Supreme Court's order came after the completion of BPSL’s Corporate Insolvency Resolution Process (CIRP) and the approval of the resolution plan submitted by JSW Steel by the Hon’ble NCLT, Principal bench, New Delhi. The order was uploaded on the website of the Hon'ble Supreme Court on Friday, December 13, 2024.
Key Highlights
- Supreme Court orders ED to hand over BPSL assets to JSW Steel
- Assets worth Rs. 4025.23 Crore provisionally attached by ED
- Attachment was due to alleged violations by BPSL's erstwhile promoters
- Order comes after completion of BPSL’s CIRP and approval of JSW Steel's resolution plan
- Order uploaded on the website of the Hon'ble Supreme Court on Friday, December 13, 2024