The Supreme Court on December 13 directed the Enforcement Directorate (ED) to handover to JSW Steel the debt-ridden Bhushan Power & Steel’s properties worth Rs 4,025 crore that were provisionally attached in 2019 in connection with a money laundering probe linked to an alleged bank loan fraud by the erstwhile management.
A bench presided by Justice Bela M Trivedi and Justice S C Sharma directed the release of the properties of the corporate debtor, Bhushan Power and Steel Ltd, which were provisionally attached by the Enforcement Directorate (ED).
The properties are now to be handed over to JSW Steel Ltd (JSW), the successful resolution applicant in the insolvency proceedings of Bhushan Power and Steel Ltd (BPSL).
The…
