• Sign In/Sign Up
  • Menu
  • +Clients Back

    • Get Free Legal Answers
    • Get Fee Estimates
    • Find Lawyers
  • +Lawyers

    • Case Diary & Office Manager
    • Post News & Artilces
    • Post Jobs & Internships
  • +Law Students

    • Campus Ambassadors
    • Find Jobs & Internships
    • Post News & Articles
    • Resource Sharing
  • +Law Schools

    • Post Admissions
    • Post Opportunities
    • Get Law School Rating

  • Home
  • News/Articles
  • NCLAT to hear JSW Steel appeal on October 14

Latest News

Back

NCLAT to hear JSW Steel appeal on October 14

Courtesy/By: Kaushik Chandrasekaran  |  16 Sep 2019     Views:353

In a recent case involving mergers and acquisitions, the NCLT gave it’s consent to the acquisition of Bhushan Power and Steel by JSW. This was a huge acquisition with a value of almost 19,000 Crore rupees. While approving the acquisition the NCLT was silent on grant of relief to Bhushan Power and Company and whether the applicability of insolvency proceedings in the instant case was good in the eyes of law.

JSW Steel thus filed an appeal to the NCLAT against the September 5th challenging the Order of the NCLT which did not grant relief against an ongoing case of economic fraud against Bhushan and Co. JSW expressed concern over the aftermath of the Delhi High Court 2019 judgement that held the primacy of bankruptcy law over insolvency law. Applicability of this judgement in the instant case will be detrimental to finances of JSW Steel. According to the mandate of the judgement initiation of warranted legal proceedings can be done in a prima facie case of economic fraud. Bhushan and Power Co has been slapped with a money laundering case.

Thus JSW is concerned over the possible attachment of assets of the Company but the Enforcement Directorate is detrimental to the interests of JSW Steel. Also the NCLT ordered that the profits raised during the insolvency period should be distributed among the creditors. JSW Steel asserts that the profits could be used as working capital and thus filed an appeal against the September 5th Order of the NCLT

The NCLAT has agreed to hear the plea by JSW Steel on October 14th. The NCLAT named the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI) and the Ministry of Corporate Affairs as party to the instant case.


Courtesy/By: Kaushik Chandrasekaran  |  16 Sep 2019     Views:353

News Updates

The Legal Framework of Bail Conditions in India: B...
25 Oct 2024     Views:5889
Changing an Arbitrator Mid-Proceeding: Legal Frame...
23 Oct 2024     Views:5315
IMF Retains India's FY25 GDP Growth Forecast at 7%...
22 Oct 2024     Views:5296
The Evolving Landscape of Russian Anti-Suit Injunc...
22 Oct 2024     Views:5085
Hyundai’s IPO vs Competitors: How the Auto Giant...
15 Oct 2024     Views:5108
The Validity of Arbitration Agreements Post Decree...
14 Oct 2024     Views:4757
SEBI Issues Checklist for AIFs, Their Managers, an...
08 Oct 2024     Views:5147
The Siemens v. Russian Railroads Case...
07 Oct 2024     Views:5139
Empowering Minds in Confinement: Bombay HC’s Lan...
03 Oct 2024     Views:5254
The Dynamics of Novation in Contract Law and Its I...
02 Oct 2024     Views:5438
SEBI Establishes Consistent Evaluation Standards f...
01 Oct 2024     Views:5144
Landmark Decision by Austrian Supreme Court on Arb...
30 Sep 2024     Views:5120
Key Considerations for Indian Commercial Claims...
25 Sep 2024     Views:5071
Boom or Bust: Africa’s Oil Giants Face Declining...
23 Sep 2024     Views:5189
The Growing Role of Arbitration in Intellectual Pr...
23 Sep 2024     Views:5149
Supreme Court Greenlights Sub-Classification of SC...
20 Sep 2024     Views:5471
SEBI's Employee Grievances Prompt Formation of Wor...
19 Sep 2024     Views:5301
Environmental Law in India: Challenges and Opportu...
18 Sep 2024     Views:6133
Navigating the New Legal Landscape of Exclusive Ju...
16 Sep 2024     Views:5264
The Anatomy of Joint Venture Breakups in India (an...
31 Jul 2024     Views:5607
The Integration of ESG in India's M&A Landscape...
31 Jul 2024     Views:5509
Future of AI in Legal Systems and Conflict Resolut...
21 Jul 2024     Views:5697
World Health Assembly Revises International Health...
21 Jul 2024     Views:5551
Pokemon GO Fans Concerned Over Restrictive New Ter...
21 Jul 2024     Views:5668
Landmark Judgment on Setting Aside Arbitration Awa...
21 Jul 2024     Views:5453
Understanding the Process of Issuing Summons in In...
11 Jul 2023     Views:8831
Understanding the Unlawful Activities (Prevention)...
10 Jul 2023     Views:7382
Understanding the Mental Health Act in India: A St...
09 Jul 2023     Views:7425
Combating Manual Scavenging in India: A Call for S...
07 Jul 2023     Views:7222
Impleadment in Supreme Court of India: A Comprehen...
05 Jul 2023     Views:8175
Unraveling the Distinction: Culpable Homicide vs. ...
03 Jul 2023     Views:7519
Understanding the Difference between Money Bills a...
02 Jul 2023     Views:6060
Understanding the Civil Procedure Code in India: A...
01 Jul 2023     Views:6837
The Rights of Criminals in India: Upholding Justic...
30 Jun 2023     Views:6100
Exploring the Differences between the US and India...
29 Jun 2023     Views:6105
What to Do If the Police Refuse to Register Your F...
26 Jun 2023     Views:6353
Timeline of Environmental Protocols: A Global Effo...
25 Jun 2023     Views:6053
How to Deal with Cheque Bounce Cases in India...
24 Jun 2023     Views:6033
Pursuing a Lucrative Litigation Career in Indian L...
22 Jun 2023     Views:6083
Understanding the Emergency Provisions of India: S...
21 Jun 2023     Views:6047
Environment Legislation in India: A Comprehensive ...
20 Jun 2023     Views:6403
Understanding the Emergency Powers of the Constitu...
18 Jun 2023     Views:5906
Understanding the Emergency Powers of the Constitu...
17 Jun 2023     Views:5932
Timeline of Same-Sex Laws in India: A Journey Towa...
16 Jun 2023     Views:6378
Sir Creek Dispute and Legal Implications...
15 Jun 2023     Views:6573
Jurisprudence of NDPS Laws in India: A Comprehensi...
14 Jun 2023     Views:6152
Impleadment Proceedings: A Comprehensive Guide to ...
13 Jun 2023     Views:6586
Understanding Continuing Mandamus: A Powerful Judi...
12 Jun 2023     Views:8549
Res Judicata: The Doctrine of Finality in Legal Pr...
10 Jun 2023     Views:6587
Mastering the Art of Legal Drafting: A Comprehensi...
08 Jun 2023     Views:6249
Order 1 Rule 10 of the Code of Civil Procedure (CP...
07 Jun 2023     Views:11890
Understanding the Laws of War: Protecting Humanity...
03 Jun 2023     Views:5971
Understanding the Code of Criminal Procedure (CRPC...
02 Jun 2023     Views:6819
The National Drug and Psychotropic Substances (NDP...
01 Jun 2023     Views:6398
A Step-by-Step Guide: How to File an FIR in India...
31 May 2023     Views:6097
Zero FIR: An Effective Tool for Prompt Criminal Ju...
30 May 2023     Views:6332
Unveiling the Dissent of Judges in Judicial Judgme...
28 May 2023     Views:5974
Environmental Laws in India: Safeguarding Nature f...
25 May 2023     Views:6424
The Recusal of Supreme Court of India Judges from ...
24 May 2023     Views:6096
Understanding the Jurisdiction of the Supreme Cour...
23 May 2023     Views:6544
Article 142 of the Constitution of India: A Compre...
22 May 2023     Views:6754
Landmark Judgments in Arbitration Law in India: A...
21 May 2023     Views:6979
Landmark Cases on Anticipatory Bail in India: A Pa...
20 May 2023     Views:10871
Embracing the Future: How AI is Revolutionizing th...
18 May 2023     Views:6194
Understanding Narcotics Laws in India: A Comprehen...
17 May 2023     Views:6057
Understanding Indian Laws on Cross-Border Transact...
16 May 2023     Views:7186
ADR mechanism of legal adjudication in India...
15 May 2023     Views:5906
Validity of foreign arbitral award in India throug...
14 May 2023     Views:5918
Scope of Section 151 CPC...
13 May 2023     Views:7495
Detailed Overview on Section 482 of Crpc...
11 May 2023     Views:6442
Scope of Decree under CPC...
10 May 2023     Views:5999
Legal development of Arbitration Laws in India....
09 May 2023     Views:6041
Arbitration Laws in India...
07 May 2023     Views:5985
Impact of COVID-19 on Legal Industry...
06 May 2023     Views:8089
Chargesheet not having authority's valid sanction ...
02 May 2023     Views:6265
Same-Sex Marriage in India...
30 Apr 2023     Views:5907
National Commission for Women...
27 Apr 2023     Views:5760
Law making process of India....
26 Apr 2023     Views:6845
Bail Provisions in India...
25 Apr 2023     Views:5783
Life imprisonment in Criminal Law in India...
24 Apr 2023     Views:6196
Contempt of Court...
23 Apr 2023     Views:6038
The collegium system of Judiciary in India....
22 Apr 2023     Views:5723
Remarriage before Expiry of Limitation Period to f...
21 Apr 2023     Views:5724
Need for strict measure of NDPS laws in India....
20 Apr 2023     Views:5880
Nature of Offence under Section 138 of NI Act is Q...
19 Apr 2023     Views:8313
Order VII Rule 11 CPC: Plaint cannot be rejected m...
18 Apr 2023     Views:6921
Mediation: At the Dawn of Golden Age organized at ...
16 Apr 2023     Views:6005
Central Government's motto should be mediate, not ...
15 Apr 2023     Views:5720
Ambedkar Jayanti Celebrations...
14 Apr 2023     Views:5923
Supreme Court of India calls for Preventive Measur...
12 Apr 2023     Views:5491
Pursuing LL.M is not break in Law Practice, Rules ...
11 Apr 2023     Views:5710
Law should take into consideration realities of co...
10 Apr 2023     Views:5543
Delhi High Court said that peeping into public bat...
08 Apr 2023     Views:6138
Delhi High Court denies bails to AAP's Satyendra J...
06 Apr 2023     Views:6261
Supreme Court’s Triple Talaq Judgement Would App...
30 Jan 2023     Views:5987
Article 311(1) | An Order of Removal From Service ...
26 Jan 2023     Views:6467
Leaders shouldn't disrespect the President or Pri...
17 Jan 2023     Views:5770
New bench will hear Ashwini Upadhyay's Supreme Cou...
15 Jan 2023     Views:5908
Person Who Drove Rashly with the Knowledge that it...
12 Jan 2023     Views:6492
The rigours of Section 37 of the NDPS Act cannot b...
11 Jan 2023     Views:6232
FIND A LAWYER




FIND A LAW SCHOOL



Most Read News Articles

  • Sabrimala Verdict (28 sept 2018) - A End of Taboo.
    On 07 Oct 2020    Views:96220
  • Case Analysis: Vellore Citizens Welfare Forum vs Union of India
    On 11 Dec 2020    Views:73784
  • Case Analysis: THE BERUBARI UNION CASE
    On 14 Dec 2020    Views:71203
  • DOCTRINE OF ELECTION UNDER TRANSFER OF PROPERTY ACT, 1882
    On 08 Jul 2020    Views:70341
  • A.K. Gopalan v. State of Madras (1950 AIR 27, 1950 SCR 88)
    On 08 Nov 2020    Views:59701
View all >>

Propertified Propertified Propertified Propertified Propertified Propertified Propertified Propertified Propertified

86540

Lawyers Network

103860

Users

630

Cities Serving

114

Law Schools Network

59824

Law Students Network

About us

  • Company Profile

Indian Major Laws

  • Indian Constitution
  • IPC
  • CrPC
  • CPC
  • Companies Act
  • Indian Evidence Act
  • CGST Act
  • Limitation Act

Policies

  • Terms of Use
  • Privacy Policy
  • Refund & Cancellation

    Ads & Media

  • Resource Sharing
  • Advertiser(Sign Up/Login)
  • Media

    Careers

  • Internships
  • Jobs
  • Student Journalists

    HELP & SUPPORT

  • Contact Us
  • Grievances
  • Test

News

  • Legal News
  • Post Article
  • Post Interview

Legal Library

  • Central Acts
  • Deeds Drafts [1128 ]
  • Legal Maxims

Connect

Lawsisto Direct

 

  •  
  •  
DISCLAIMER
Copyright © Lawsisto Private Limited. All rights reserved.
Unless otherwise indicated, all materials on these pages are copyrighted by Lawsisto Private Limited. All rights reserved. No part of these pages, either text or image may
be used for any purpose. By continuing past this page, you agree to our Terms of Service, Cookie Policy, Privacy Policy and Content Policies.