The case dates back to 2017, when the National Company Law Tribunal (NCLT) admitted an insolvency petition against BPSL filed by Punjab National Bank (PNB). During the CIRP, JSW Steel emerged as the successful resolution applicant, and its resolution plan was conditionally approved by the NCLT on September 5, 2019.
However, prior to the resolution plan’s approval, the Central Bureau of Investigation (CBI) had registered a case on April 5, 2019 against BPSL, its chairman, directors and others for offences including criminal conspiracy, cheating, forgery and corruption. Subsequently, the ED initiated a money laundering investigation and provisionally attached BPSL’s assets on October 10, 2019.
The NCLT and later the National Company Law…
