The appeal is against the earlier NCLT order
JSW Steel has moved the National Company Law Appellate Tribunal (NCLAT) asking for safeguards in its bid for Bhushan Power & Steel.
The steelmaker has asked for immunity from money-laundering investigations at Bhushan Power & Steel. While the investigations pertain to the period when the company was under its previous owners, JSW Steel fears it may be held responsible for any liabilities arising in future.
"We hereby inform you that on a detailed examination of the terms and conditions of the NCLT order approving the Resolution Plan, it has come to our notice that the approval contains certain modifications," JSW Steel said in a statement on September 13.
"Further, certain important reliefs sought by the company have also not been granted. The company has, therefore, appealed against the said order dated September 5, 2019, before the relevant judicial forum," it added.
The National Company Law Tribunal had earlier cleared JSW Steel's Rs 19,700 crore acquisition of Bhushan Power and Steel but did not grant it any immunity against the investigations.
JSW is also asking for a re-look on NCLT's order to re-distribute profits generated by Bhushan Power & Steel during the insolvency process, to the financial creditors.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
