Bhushan Power insolvency: NCLAT to hear JSW's plea

JSW Steel has emerged as the winning bidder for Bhushan Power & Steel (Reuters File Photo)

The National Company Law Appellate Tribunal will hear the plea of JSW Steel, which has emerged as the highest bidder for Bhushan Power & Steel Ltd, seeking immunity from the ongoing cases of money laundering against the latter on October 14.

It also directed impleading the Ministry of Corporate Affairs, the CBI and the Enforcement Directorate as party in the matter.

A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also said it will decide over the payment of Rs 19,350 crore by JSW Steel to the Committee of Creditors of Bhushan Power & Steel on the next date of hearing on October 14.

Under the insolvency proceedings, JSW Steel has emerged as the winning bidder for Bhushan Power & Steel.