Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Bhushan Power and Steel insolvency case: NCLAT asks ED, MCA to reach consensus on attachment of assets
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Bhushan Power and Steel insolvency case: NCLAT asks ED, MCA to reach consensus on attachment of assets

Bhushan Power and Steel insolvency case: NCLAT asks ED, MCA to reach consensus on attachment of assets

Press Trust of India • October 25, 2019, 14:08:27 IST
Whatsapp Facebook Twitter

The National Company Law Appellate Tribunal (NCLAT) on Friday asked the divergent Enforcement Directorate and the Ministry of Corporate Affairs to discuss and reach a consensus on the attachment of assets of Bhushan Power and Steel (BSPL)

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Bhushan Power and Steel insolvency case: NCLAT asks ED, MCA to reach consensus on attachment of  assets

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Friday asked the divergent Enforcement Directorate and the Ministry of Corporate Affairs to discuss and reach a consensus on the attachment of assets of Bhushan Power and Steel (BSPL). The ministry and directorate have locked horns over the issue. While the ED is of the opinion that it can attach the property of BPSL under the Prevention of Money Laundering Act (PMLA), the corporate affairs ministry has been maintaining that ED can not do so as the company is under the insolvency proceedings. The case is currently being heard by the NCLAT. A three-member bench headed by Chairperson Justice S J Mukhopadhaya said there was no question of amendment of laws, and both the wings of the central government should settle the issue. [caption id=“attachment_4407987” align=“alignleft” width=“380”]Representational image. News18. Representational image. News18.[/caption] “Sort it out. You are the two wings of the same government,” the bench said. Moreover, the appellate tribunal said that Enforcement Directorate (ED) can claims its dues, which is from the proceeds of crime, under the Insolvency and Bankruptcy Code (IBC) as an operational creditor. “The amount generated would be under the meaning of operational debt and ED can claim this under the IBC,” NCLAT said. The bench further said, “sell it and give to the creditors. Whatever you are entitled, you would get it. There is no question of amendment of law,” said NCLAT. The appellate tribunal has directed to list the matter on 18 November for next hearing. Earlier, ED in an affidavit filed before NCLAT had said that the appellate tribunal has no jurisdiction over the properties attached by the agency under the PMLA. The validity of the attachment could be examined by an adjudicating authority only under the PMLA, and hence the NCLAT should vacate its order passed on 14 October, directing it to release the assets of BPSL. On 14 October, the NCLAT had directed the ED to release BPSL properties attached by the agency on the JSW Steel plea, alleging siphoning of funds by its erstwhile promoters. “It is submitted that the provisional attachment order dated 10 October, 2019 passed under Section 5 of PMLA Act is not amenable to the jurisdiction of this Hon’ble Tribunal (NCLAT) and its validity can only be examined by the adjudicating authority under Section 8 of the PMLA,” ED had said in an affidavit filed before the appellate court. “There is no power under the IBC to interfere with a provisional attachment order passed,” it had said. On 10 October, the ED had attached assets worth over Rs 4,025 crore of debt-ridden BPSL in connection with its money laundering probe linked to an alleged bank loan fraud by its former promoters. JSW Steel, which has emerged as the successful bidder for BPSL with its bid of Rs 19,700 crore, filed an appeal against ED’s move before the NCLAT, which had on 14 October directed them to be immediately released in favour of the resolution professional of the debt-ridden firm. Questioning the NCLAT authority, the ED had asked the tribunal to vacate its earlier order and dismiss the appeal filed by JSW Steel, the successful resolution applicant.

Tags
Enforcement Directorate NewsTracker Ministry of Corporate Affairs MCA ED PMLA Prevention of Money Laundering Act NCLT National Company Law Appellate Tribunal NCLAT Bhushan Power and Steel
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV