NEW DELHI: The National Company Law Tribunal (NCLT) on Tuesday licensed Tata Steel's bid for debt-ridden Bhushan Steel.
The tribunal also disregarded a plea filed via the workers of Bhushan Steel opposing Tata Steel's bid and imposed a fine of Rs 1 lakh.
The bench comprising NCLT President Justice M M Kumar and S K Mohapatra also disregarded the plea of engineering and development main L&T in the hunt for higher precedence in restoration of loan and imposed a fine of Rs 1 lakh.
L&T, which is an operational creditor of Bhushan Steel, had sought higher precedence in restoration of debt in the solution process at par with the financial collectors.
The tribunal also rejected Bhushan Energy's plea to proceed its power acquire agreement with Bhushan Steel. The order used to be pronounced in courtroom nowadays and detailed judgement is awaited.
Earlier on April 11, the main bench of the tribunal had reserved its order after listening to all of the sides. The Committee of Creditors (CoC) had licensed Rs 32,500 crore deal at the side of 12.27 according to cent fairness in Bhushan Steel introduced via Tata Steel.
However, some staff of Bhushan Steel had challenged it prior to NCLT contending that Tata Steel used to be no longer eligible underneath section 29 (A) of the Insolvency and Bankruptcy Code (IBC)
The tribunal also disregarded a plea filed via the workers of Bhushan Steel opposing Tata Steel's bid and imposed a fine of Rs 1 lakh.
The bench comprising NCLT President Justice M M Kumar and S K Mohapatra also disregarded the plea of engineering and development main L&T in the hunt for higher precedence in restoration of loan and imposed a fine of Rs 1 lakh.
L&T, which is an operational creditor of Bhushan Steel, had sought higher precedence in restoration of debt in the solution process at par with the financial collectors.
The tribunal also rejected Bhushan Energy's plea to proceed its power acquire agreement with Bhushan Steel. The order used to be pronounced in courtroom nowadays and detailed judgement is awaited.
Earlier on April 11, the main bench of the tribunal had reserved its order after listening to all of the sides. The Committee of Creditors (CoC) had licensed Rs 32,500 crore deal at the side of 12.27 according to cent fairness in Bhushan Steel introduced via Tata Steel.
However, some staff of Bhushan Steel had challenged it prior to NCLT contending that Tata Steel used to be no longer eligible underneath section 29 (A) of the Insolvency and Bankruptcy Code (IBC)
NCLT approves Tata Steel bid for Bhushan Steel
![NCLT approves Tata Steel bid for Bhushan Steel]()
Reviewed by Kailash
on
May 15, 2018
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