NCLT approves JSW Steel bid for Bhushan Power and Steel, imposes costs on former Directors

Aditi Singh September 6 2019
Bhushan Power and Steel

The National Company Law Tribunal (NCLT), Principal Bench has approved JSW Steel Ltd's resolution plan for debt-ridden Bhushan Power and Steel Ltd under the Insolvency and Bankruptcy Code, 2016 (IBC). This is among the top 12 large stressed assets referred by Reserve Bank of India to banks for initiation of the corporate insolvency resolution process.

The NCLT has, however, made the "acceptance and approval” of the resolution plan subject to the conditions that the amount due to the operational creditors under it must be paid . . .

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