The National Institute of Appeal Tribunal has allowed JW Steel to buy bush power.
Bhushan Power and Steel were willing to buy Tk 19,700 crore due to JSW’s burden. However, the Enforcement Department continued to work on the acquisition of Bhushan Power Resources.
JSW Steel appealed to the NCLAD to oppose the move. Judges should not be held accountable for the financial irregularities of Bhushan Power and Steel Ex-promoters. Therefore, the EBITA proceeds earned by Bhushan Power Company during the bankruptcy proceedings must be credited to JSW.
They also said that the law enforcement’s office should not be taken under the Anti-Money Laundering Act.