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ED Return Money To JSW Steel: Enforcement Directorate has returned assets worth Rs 4025 crore to JSW Steel. These assets, which earlier belonged to Bhushan Power and Steel Limited, have been handed over to JSW through the Corporate Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
The allegations were against Bhushan Power and Steel Limited
The former promoters of Bhushan Power and Steel Limited are accused of defrauding banks and investing bank money in personal investments. For this reason, ED had temporarily seized these properties under Section 5 of the Prevention of Money Laundering Act (PMLA). The return of the property took place under the second provision of Section 8(8) of PMLA and Rule 3A of PMLA Restoration of Property Rules. The Supreme Court approved it on 11 December 2024. Under this process, the property can be returned to the concerned party even before the trial is completed.
Supreme Court still kept some cases under consideration
The Supreme Court has not yet decided whether ED has the power to seize the property of corporate debtors during CIRP or not. Apart from this, if PMLA investigation is going on against any company, then whether it can claim protection under Section 32A of IBC, this question has also been kept under consideration by the Supreme Court.
ED returns assets worth Rs 4025 crore
The Enforcement Directorate (ED) said that assets worth Rs 4025 crore were returned. The Supreme Court approved this proposal of ED on Wednesday. ED had alleged that BPSL adopted various methods to manipulate the loan amount taken from various banks.
Know about JSW Steel
JSW Steel Limited is a Mumbai-based Indian multinational steel producer and a flagship company of the JSW Group. After the merger of Bhushan Power & Steel, Ispat Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India’s second largest private sector steel company.
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