NEW DELHI: The National Company Law Tribunal has cleared the way for the Serious Fraud Investigation Office to pursue a 5,431 crore rupee recovery plea in the Bhushan Power and Steel Limited fraud case, dismissing objections raised by former promoters and associated entities. In its October 30 order, the Principal Bench ruled that the successful resolution of an insolvent firm under the Insolvency and Bankruptcy Code does not shield former directors, promoters, or third parties from recovery proceedings involving allegedly diverted assets.
A two-member bench comprising NCLT President Justice Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi held that the recovery petition filed…