You are here: Home » Companies » News
Business Standard

Consider objections to Tata Steel bids: NCLT to Bhushan Steel creditors

The NCLT refused it stating that it is not inclined to accept Tata Steel's objection at this stage

Topics
Bhushan Steel

Press Trust of India  |  New Delhi 

Bhushan Steel

The Committee of Creditors (CoC) of debt-ridden has been directed by the National Company Law Tribunal to consider objections raised by company employees over the bid submitted by Tata Steel in its meeting tomorrow.

A two-member NCLT bench headed by Justice M M Kumar directed the CoC, which is scheduled to meet tomorrow over the resolution plan of the highest bidder Tata Steel, to consider the objections raised by the employees.

The tribunal also directed the resolution professional to report about the decision taken by the CoC in this regard to the NCLT.

"Objections filed by the applicants shall be forwarded to the CoC for due consideration on March 20, 2018. Any decision taken by them in this shall be placed before NCLT at the time of final approval of the resolution plan," the NCLT said.

During the proceedings, senior advocate AS Chandhiok appearing for the employees of submitted before the bench that Tata Steel is an 'undischarged insolvent' and is not entitled under section 29 A of the IBC Code.

He further informed that he has furnished all documents and other related documents regarding it to the resolution professional.

"Consider my application and pass an appropriate order," said Chandhiok.

However, senior advocate Rajiv Nayyar, appearing for Tata Steel, opposed Bhushan Employees' application questioning their locus on the matter.

The NCLT refused it stating that it is not inclined to accept Tata Steel's objection at this stage.

On March 7, Tata Steel had said it had been identified as the highest resolution applicant to acquire controlling stake of Bhushan Steel, which was undergoing insolvency proceeding.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, March 19 2018. 21:42 IST
RECOMMENDED FOR YOU
.