Bhushan Power case: NCLAT to hear JSW Steel's plea on Oct 14

New Delhi: The National Company Law Appellate Tribunal will hear the plea of JSW Steel, which has emerged as the highest bidder for Bhushan Power & Steel Ltd, seeking immunity from the ongoing cases of money laundering against the latter on October 14.

It also directed impleading the Ministry of Corporate Affairs, the CBI and the Enforcement Directorate as party in the matter.

A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also said it will decide over the payment of Rs 19,350 crore by JSW Steel to the Committee of Creditors (CoC) of Bhushan Power & Steel (BPSL) on the next date of hearing on October 14.

However, the bench declined to stay the order of depositing the amount within a month, which is October 5.

"We allow the appellant to implead Union of India through Ministry of Corporate Affairs and Enforcement Directorate as respondent No 3 & 4. The UoI may address the matter on behalf of CBI and SFIO," said NCLAT.