The National Company Law Appellate Tribunal has approved the Rs 19,700 crore resolution plan of JSW Steel to take over the bankrupt Bhushan Power and Steel. The approval comes with the immunity sought by the new owner against investigations being carried out against the erstwhile promoters of Bhushan Power and Steel.
This comes after the government recently amended Section 32A of the Insolvency and Bankruptcy Code, providing immunity to the bidders and the insolvent company’s assets from the investigation.
Important takeaways for all competitive exams:
- Chairman of National Company Law Appellate Tribunal: Justice Sudhansu Jyoti Mukhopadhaya.
- Headquarters of National Company Law Appellate Tribunal: New Delhi.
- JSW steel Founded: 1982.
- JSW steel Headquarters: Mumbai, Maharashtra.
- JSW steel Founder: Sajjan Jindal.