Mr Singal Files Fresh Plea Seeking Stay on JSW Steel Deal for BPSL
JSW Steel BPSLMint

Mr Singal Files Fresh Plea Seeking Stay on JSW Steel Deal for BPSL

Economic Times reported that Bhushan Power and Steel Ltd's erstwhile promoter Mr Sanjay Singal has filed a fresh application in the Supreme Court

Economic Times reported that Bhushan Power and Steel Ltd's erstwhile promoter Mr Sanjay Singal has filed a fresh application in the Supreme Court last week asking for a stay in implementation of the company's resolution plan in a last ditch effort to scuttle the deal. The report quoted a person familiar with the application as saying that "This fresh application is seeking interim relief till his main application against JSW is heard. It remains to be seen whether the court takes it up.”

Mr Singal had filed an appeal last year against lenders granting JSW the company citing the 29A provision of the bankruptcy code which disqualifies related parties for bidding for companies by arguing that BSPL and JSW Steel were joint venture partners in Rohne Coal Company and hence JSW cannot bid for the company. But the Supreme Court had not granted a stay on hearing this appeal last year

The Enforcement Directorate on 18 January had filed charge sheet in the special court against Bhushan Power and Steel Limited and 24 other accused including former Mr Singhal, in connection with a multi-crore money laundering case linked to alleged bank fraud. Mr Singal was arrested on 22 November under the Prevention of Money Laundering Act, after he was questioned in connection with the case. Special CBI judge Arun Bhardwaj while directing him to furnish a bail bond of INR 10 lakh and two sureties of like amount had granted bail to Mr Singal in January 2021 end

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