Will Bhushan Power’s Past Continue To Haunt JSW Steel?

IBC: Should bidders be expected to face the consequences of criminal liability of insolvent companies?

Payaswini Upadhyay @PayaswiniLLB

25 Sep 2019, 05:21 PM IST

(Photographer: Udit Kulshrestha/Bloomberg)

JSW Steel Ltd.’s Rs 19,700-crore resolution plan for Bhushan Power and Steel Ltd. has run into an unpleasant surprise.The CBI accused Bhushan Power and Steel of diverting Rs 2,348 crore. And while approving JSW Steel’s resolution plan, the National Company Law Tribunal refused to grant immunity to the post-insolvency avatar of Bhushan Power from ongoing criminal investigations.If the NCLT’s view prevails through appeals, investigativ...

Will Bhushan Power’s Past Continue To Haunt JSW Steel?

IBC: Should bidders be expected to face the consequences of criminal liability of insolvent companies?

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