NCLAT to hear JSW Steel’s immunity plea

New Delhi: The National Company Law Appellate Tribunal (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. Following the attachment, JSW Steel, in a statement, said that the action vindicates the company’s stand on immunity.

“It vindicates JSW Steel’s stand of seeking immunity from attachment of properties of corporate debtor. This may happen even in cases where the control is changed under IBC,” JSW Steel’s Joint MD and Group CFO Seshagiri Rao said in a statment. The company last month moved the appellate tribunal seeking immunity from criminal proceedings in the ongoing bank fraud investigation. (IANS)

Also Read: Moody’s cuts 2019-20 growth forecast to 5.8%

Also Watch: Students of Tinsukia College staged 3 hr sit in demonstration