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Larsen moves NCLT seeking dues from Bhushan Steel on priority

Press Trust of India  |  New Delhi 

today moved the NCLT seeking higher priority in getting its dues from debt-laden Steel which is undergoing insolvency proceedings.

Counsels appearing for submitted before the bench that the company owes it Rs 9 billion (Rs 900 crore) in dues for supply of capital goods.

The engineering and construction major has asked (NCLT) to acknowledge it as a secured creditor for Steel.

The NCLT bench has asked the resolution professionals to share their stand on the matter.

The tribunal has listed L&T's plea in Steel case on March 23.

yesterday said it has been identified as the highest bidder for acquiring controlling stake in the Steel undergoing insolvency proceedings.

Besides, (a joint venture between JSW and Piramal Enterprises), and a consortium of the Steel's own employees had submitted bids to take over assets of the bankrupt firm.

The last day to submit bids was February 3, 2018.

had said in yesterday's statement that it "has received a formal communication from the resolution professional (RP) of Steel Ltd that it has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL under Corporate Insolvency Resolution Process (CIRP) of the IBC, as decided in the meeting of CoC of BSL on March 6".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 14:05 IST