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India: JSW Steel Gets Approval From NCLAT to Acquire BPSL

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BigMint Bureau

1077 Reads

17 Feb 2020, 18:21 IST

JSW Steel has got the approval of National Company Law Appellate Tribunal (NCLAT) to acquire Bhushan Power and Steel Ltd (BSPL) for INR 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate.

The bench of two members said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power & Steel Ltd. However, it also said that prosecution against the former promoters under the money laundering act by the Enforcement Directorate can continue.

It has also rejected the petitions filed by operational creditors, seeking higher claims.

The bench said that the EBITDA earned by BPSL during its Corporate Insolvency resolution period will be given to JSW Steel.

Bhushan Power & Steel has capacity of 3.5 MnT pa. Thus, this acquisition will help JSW Steel raising its crude steel capacity which currently stands at 18 MnT pa.