JSW Steel to acquire BPSL, pay Rs 19,700 crore in March

New Delhi: JSW Steel is all set to wrap up one of the long-drawn and high-profile insolvency resolution cases, as it is likely to pay Rs 19,700 crore for acquiring the bankrupt Bhushan Power and Steel Ltd (BPSL) by March 15, sources said.

On Monday, the National Company Law Appellate Tribunal (NCLAT) permitted JSW Steel to acquire the bankrupt steel company and granted it immunity from prosecution by the Enforcement Directorate (ED).

JSW Steel has to pay the amount within one month of the appellate tribunal’s approval, March 16 in this case.

The Sajjan Jindal-led JSW Steel has had to face a number of challenges apart from the usual competition in terms of bids and resolution plans.

Although the National Company Law Tribunal last September approved its resolution plan to take over the insolvent Bhushan Power and Steel, the Enforcement Directorate, which is investigating alleged fraud committed by the debt-laden firm’s previous management, had attached the assets of BPSL which, it believed, were bought from proceeds of crime, following which JSW Steel moved NCLAT seeking immunity from the proceedings.

In October, the NCLAT put JSW Steel’s payment to acquire BPSL on hold and asked the ED to release BPSL’s attached properties. (IANS)

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