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

Feb. 24, 2020, 12:19 PM

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 ...

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