Live
- Mkts rise for fifth day in a row on banking, metal stocks surge
- HC directs MLA disqualification pleas to be sent to Speaker, adjourns hearing to April 29
- Biju Menon set to give a re-entry into Tamil cinema after 14 years
- 240 nominations filed for Nandyal & Kurnool
- Roof India 2024 to showcase innovation and growth in roofing technology
- Shirisha Leads Extensive Election Campaign in Ibrahimpatnam to Support Vasanta Krishna Prasad's Success
- YSRCP Candidate Velampalli Srinivasa Rao's Daughter Leads Campaign for Father's Victory"
- YSR Congress Party holds Gadapagadapa in Vijayawada West Constituency ahead of elections
- First-time woman candidate from Eluru declares assets worth 37 crore rupees
- Yarlagadda Venkatarao's Wife Gnaneshwari Advocates for TDP Schemes for Women Empowerment in Gannavaram Constituency
NCLT approves Tata Steel’s bid for debt-ridden Bhushan Steel
The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel’s bid for debt-ridden Bhushan Steel.
The National Company Law Tribunal bench dismisses the plea of engineering and construction major L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.
The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel’s bid for debt-ridden Bhushan Steel.
The tribunal also dismissed a plea filed by the employees of Bhushan Steel opposing Tata Steel’s bid and imposed a fine of Rs 1 lakh.
The bench comprising NCLT president Justice MM Kumar and SK Mohapatra also dismissed the plea of engineering and construction major L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.
L&T, which is an operational creditor of Bhushan Steel, had sought higher priority in recovery of debt in the resolution process at par with the financial creditors.
The tribunal also rejected Bhushan Energy’s plea to continue its power purchase agreement with Bhushan Steel.
The order was pronounced in court today and detailed judgement is awaited.
Earlier on April 11, the principal bench of the tribunal had reserved its order after hearing all the sides.
The Committee of Creditors (CoC) had approved Rs 32,500 crore deal along with 12.27% equity in Bhushan Steel offered by Tata Steel.
However, some employees of Bhushan Steel had challenged it before NCLT contending that Tata Steel was not eligible under section 29 (A) of the Insolvency and Bankruptcy Code (IBC).
