Supreme Court Approves Rs 4,025 Crore Asset Restitution

The Enforcement Directorate (ED) has successfully restituted assets worth Rs 4,025 crore of the former Bhushan Steel and Power Limited to JSW Steel, following the Supreme Court's approval. The move stems from an investigation into charges of bank loan fraud against Bhushan Steel and its promoters.

The Supreme Court has approved the Enforcement Directorate's (ED) bid to return assets worth Rs 4,025 crore to JSW Steel. This settlement follows the resolution of Bhushan Steel and Power's insolvency under the Insolvency and Bankruptcy Code (IBC).

The ED had previously seized these assets under the Prevention of Money Laundering Act (PMLA) in an investigation against Bhushan Steel for alleged bank loan fraud and misuse of funds for personal investments. The restitution was completed under PMLA provisions for pending trial.

The Supreme Court's decision allows ED to continue asset restoration processes in cases like the Saradha Ponzi scheme and bank loan frauds involving Nirav Modi and Mehul Choksi. However, the court withheld opinions on broader ED powers and IBC interpretations.

(With inputs from agencies.)