The profits that Bhushan Power earned during the insolvency process will be distributed among the lenders.
NCLT started insolvency process against Bhushan Power & Steel in July 2017 on PNB's petition
new Delhi. The National Company Law Tribunal (NCLT) on Thursday approved JSW Steel's proposal of Rs 19,700 crore to buy Bhushan Power and Steel Limited (BPCL). A two-member Principal Bench headed by Justice MM Kumar said that money laundering lawsuits against former promoters of BPCL would not affect JSW Steel.
The NCLT also said that the profits that BPCL made during the insolvency process would be distributed among the lenders of Bhushan Power. The NCLT also rejected Tata Steel's objection against JSW's bid. Tata Steel had objected to the bid being extended by JSW. The tribunal reserved the verdict after completing the hearing in April.
NCLT started insolvency process against BPCL on 26 July 2017. The petition was filed by the company's leading lender bank PNB.
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