Notably, in December 2024, the ED decided not to pursue its appeal before the Supreme Court against JSW Steel’s takeover of Bhushan Power and Steel under the IBC. It also returned attached assets valued at ₹4,025 crore to JSW Steel so that it could take control of Bhushan Power pursuant to the insolvency resolution process under IBC.
The restitution was made after the Supreme Court’s order of December 11, 2024, directing ED to hand over the attached properties of Bhushan Power, after the central agency decided not to pursue its case against Bhushan.
The ED had previously attached Bhushan Power’s assets under Section 5 of the Prevention of Money Laundering Act, 2002 (PMLA) because the former promoters of BPSL were accused of…
