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File affidavit on attachment of BPSL assets, NCLAT asks ED

File affidavit on attachment of BPSL assets, NCLAT asks ED

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Enforcement Directorate
New Delhi, Dec 6 (IANS) The National Company Law Appellate Tribunal (NCLAT) on Friday directed the Enforcement Directorate to file an affidavit on developments related to attachment of Bhushan Power and Steel Ltd's (BPSL) assets.
The bench headed by NCLAT Chairperson S.J. Mukhpadhaya would next hear the matter on December 12.
The NCLAT had, in October, put JSW Steel's Rs 19,700 crore payment to acquire Bhushan Power and Steel (BPSL) on hold and asked the ED to release BPSL's attached properties.
The appellate tribunal had also asked the ED not to attach any more property of BPSL without its permission.
In order to safeguard the interest of new buyers, the government is likely to come out with amendments to provide protection to new buyers of an insolvent company against frauds committed by its previous owners. This would address cases such as Bhushan Power and Steel.
--IANS
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