New Delhi: JSW Steel on Friday approached the NCLAT to seek protection from the ongoing investigation in money laundering cases against former promoters of Bhushan Power & Steel, for which it has emerged as the highest bidder under the insolvency process.
The Jindal group firm is seeking immunity as the Delhi High Court in a recent ruling said that money laundering laws prevails over the Insolvency and Banruptcy Code (IBC).
It has also challenged the NCLT's direction to redistribute profits earned by Bhushan Power & Steel Ltd (BPSL) during the Corporate Insolvency Resolution Process (CIRP) - from July 2017 to August 2019 - among the financial creditors and operational creditors of the debt-ridden firm.
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