The case involves a petition filed by Bhushan Power & Steel Limited (BPSL) seeking the quashing of ECIR NO. DLZO-I/02/2019 initiated under the Prevention of Money Laundering Act, 2002 (PMLA), along with all consequential proceedings arising from it, including an order issuing process dated 17.01.2020. The Enforcement Directorate (ED) initiated proceedings against BPSL based on alleged money laundering related to a bank fraud of Rs. 47,204 Crores. The National Company Law Tribunal (NCLT) had previously admitted an insolvency application against BPSL, and a resolution plan by JSW Steel Ltd. (JSW) was approved. However, the ED attached BPSL's assets, leading to appeals and challenges regarding the jurisdiction of the ED in light of Section 32A of the Insolvency and
…The key facts are as follows: 1. On 26.07.2017, NCLT admitted an application by Punjab National Bank (PNB) under Section 7 of IBC, initiating CIRP against Bhushan Power & Steel Limited (BPSL). 2. JSW Steel Ltd. (JSW) emerged as the successful resolution applicant during the CIRP of BPSL. 3. On 05.04.2019, CBI registered an FIR against BPSL, its Chairman, Directors, and others for offences under the Indian Penal Code and the Prevention of Corruption Act. 4. On 25.04.2019, the Enforcement Directorate (ED) recorded an ECIR against the Corporate Debtor based on the scheduled offences mentioned in the CBI's FIR, suspecting money laundering. 5. On 05.09.2019, NCLT conditionally approved the resolution plan of JSW under Section 31 of the IBC but did not expressly grant
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NCLT admitted an application by Punjab…
CBI registered an FIR against BPSL, its…
The case involves a petition filed by Bhushan Power & Steel Limited (BPSL) seeking the quashing of ECIR NO. DLZO-I/02/2019 initiated under the Prevention of Money Laundering Act, 2002 (PMLA), along with all consequential proceedings arising from it, including an order issuing process dated 17.01.2020. The Enforcement Directorate (ED) initiated proceedings against BPSL based on alleged money laundering related to a bank fraud of Rs. 47,204 Crores. The National Company Law Tribunal (NCLT) had previously admitted an insolvency application against BPSL, and a resolution plan by JSW Steel Ltd. (JSW) was approved. However, the ED attached BPSL's assets, leading to appeals and challenges regarding the jurisdiction of the ED in light of Section 32A of the Insolvency and
…The key facts are as follows: 1. On 26.07.2017, NCLT admitted an application by Punjab National Bank (PNB) under Section 7 of IBC, initiating CIRP against Bhushan Power & Steel Limited (BPSL). 2. JSW Steel Ltd. (JSW) emerged as the successful resolution applicant during the CIRP of BPSL. 3. On 05.04.2019, CBI registered an FIR against BPSL, its Chairman, Directors, and others for offences under the Indian Penal Code and the Prevention of Corruption Act. 4. On 25.04.2019, the Enforcement Directorate (ED) recorded an ECIR against the Corporate Debtor based on the scheduled offences mentioned in the CBI's FIR, suspecting money laundering. 5. On 05.09.2019, NCLT conditionally approved the resolution plan of JSW under Section 31 of the IBC but did not expressly grant
…NCLT admitted an application by Punjab…
CBI registered an FIR against BPSL, its…