The ED has restituted assets worth Rs 4,025 crore of the erstwhile Bhushan Steel and Power Limited to JSW Steel following approval from the Supreme Court, the federal probe agency said on Saturday.

JSW Steel was the successful resolution applicant to the assets of the insolvent company under the Insolvency and Bankruptcy Code (IBC) of the Corporate Insolvency Resolution Process (CIRP).

These assets were earlier attached by the federal probe agency under provisions of the Prevention of Money Laundering Act (PMLA) in an investigation against Bhushan Steel and Power and its promoters on charges of alleged bank loan fraud and "diversion" of those funds for personal investments.

The Enforcement Directorate (ED) said the restitution of assets worth Rs 4,025 crore was made under Section 8(8) of the PMLA (restitution pending trial), read with Rule 3A of PMLA Restoration of Property Rules.

The apex court gave its approval on this ED proposal on Wednesday, the agency said.

On the issues of interpretation of Section 32A (2) of the IBC, the powers of the ED to attach property of corporate debtors under CIRP or any other connected issues, the Supreme Court has not expressed any opinion and left the issues open, it added.

The money-laundering case against Bhushan Steel and Power stems from a chargesheet filed against the company and its promoters by the Serious Fraud Investigation Office, an investigative arm of the Union Ministry of Corporate Affairs.

The federal probe agency has off late begun the 'restitution of assets' process for genuine or rightful investors, including in cases such as the Saradha Ponzi "scam" and the alleged bank loan fraud linked to diamantaires Nirav Modi and Mehul Choksi.