Bhushan Power and Steel case: NCLAT to hear JSW Steel's immunity plea tomorrow
Updated : October 13, 2019 07:17 PM IST
The NCLAT will on Monday hear JSW Steel's plea in the Bhushan Power and Steel Ltd (BPSL) case regarding immunity from criminal proceedings in the bank fraud investigation against BPSL's erstwhile promoter.
The Enforcement Directorate (ED) on Saturday said that it has attached immovable properties worth Rs 4,025.23 crore of BPSL in a money laundering case against the firm for siphoning-off funds obtained as loans from various banks and financial institutions.
The company last month moved the appellate tribunal seeking immunity from criminal proceedings in the ongoing bank fraud investigation after the National Company Law Tribunal (NCLT) had approved its Rs 19,700 crore bid to acquire the bankrupt BPSL under the Insolvency and Bankruptcy Code (IBC).