IBC process: Creditors pick Tata Steel as H1 bidder for Bhushan Power

In Tuesday's meeting, Tata Steel, JSW Steel and Liberty House were understood to have made presentations before the CoC

The committee of creditors (CoC) to Bhushan Power & Steel has picked Tata Steel as the highest qualified bidder — for the second time — after a marathon meeting.

The lenders selected Tata Steel, in accordance with the National Company Law Appellate Tribunal (NCLAT) order on Monday, from the original resolution plans submitted in February. 

JSW Steel has been selected the H2 bidder. Electronic voting on Tata Steel’s resolution plan will start in 48 hours.

However, the CoC will inform the tribunal about JSW Steel’s revised offer in a sealed cover on Wednesday, when a scheduled hearing is slated. The