Bhubaneswar: National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire of Bhushan Power & Steel Ltd in Odisha for ₹19,700 crore.
However, it has to be seen whether the investigating agencies such CBI and Enforcement Directorate, which had earlier questioned the authority of NCLAT to provide such an immunity, will move the Supreme Court against the verdict.
Last month, the NCLAT had reserved its judgment on JSW Steel’s purchase of the insolvent Bhushan Power & Steel. In October, the appellate tribunal had ordered a freeze on payment as per the resolution plan.
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