The Delhi High Court has set aside the money laundering proceedings against erstwhile Bhushan Power and Steel Ltd.
Justice Manmeet P S Arora, while dealing with a petition by BPSL, observed after having undergone a successful resolution process under the Insolvency and Bankruptcy Code, the company — now taken over by JSW Steel — should not be prosecuted for the offences committed before the start of the insolvency process.
The officers of the erstwhile company, however, should continue to be prosecuted and punished under the law, notwithstanding the fact that the firm’s liability had ceased, the court said.
“In the overall conspectus, the writ…
