The recent Supreme Court order on the Bhushan Power and Steel (BPSL) has made it legally tenable for the Enforcement Directorate (ED) to re-attach the company’s assets and continue its probe, legal experts told FE.
However, it is for the agency to decide whether to exercise the option at this stage, given that a review petition has been filed against the apex court order, they added.
The ED could not be contacted for comments.
The SC in early May ordered BPSL’s liquidation, as the apex court found serious violations in the JSW Steel’s resolution plan for the company, approved by the National Company Law Tribunal (NCLT).
Experts said that the Insolvency and Bankruptcy Code (IBC) provisions provide for the continuance…