JSW’s Purchase of Bhushan Power Challenged in India’s Top Court

Bhushan Power and Steel’s former chairman Sanjay Singal has moved India’s top court challenging a bankruptcy tribunal’s verdict allowing the sale of the insolvent company to JSW Steel, according to updates on the Supreme Court’s website.

• Singal filed a petition on Monday against the National Company Law Appellate Tribunal’s ruling that had rejected his petition against the sale
• The tribunal also granted JSW and Bhushan Power immunity from prosecution for alleged wrongdoing by the bankrupt firm’s previous owners
• NOTE: Tycoon Jindal’s $2.8 Billion Bhushan Buy Gets Probe Immunity
• Top court hasn’t yet given a date for hearing the case ...