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Insolvency: Bhushan Steel staff move NCLT against Tata Steel bid

As of March 31, 2017, Bhushan Steel had a debt of Rs 481 billion

Veena Mani  |  New Delhi 

Steel

The employees of Bhushan Steel have moved the (NCLT) against Tata Steel’s bid. has been the highest bidder for the steel company that is undergoing insolvency proceedings.

The Delhi bench of the has asked the committee of creditors (CoC) to consider the objections raised by the employees of the company and communicate them to the tribunal. Bhushan Steel’s creditors will be meeting today.

Advisors to the and the resolution professional of Bhushan Steel are currently in discussions with on the resolution plan, the company said. Next steps in the process would be according to the stipulations under the Corporate Insolvency Resolution Process of the 2016. Neeraj Singhal-promoted Bhushan Steel had received resolution plans from Sajjan Jindal-led JSW Steel and Bhushan Steel’s employees. The Odisha-based firm has a capacity of 5.6 million tonne and is a high-margin flat product business, which can cater to the domestic as well as the export auto market.

As of March 31, 2017, Bhushan Steel had a debt of Rs 481 billion.

First Published: Tue, March 20 2018. 00:59 IST
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