Business Standard

IBC process: Tata Steel writes to Bhushan Power lenders against rebid

On Friday, the committee of creditors (CoC) decided to give bidders time to improve their bids after JSW Steel revised its offer to Rs 180 billion, up from Rs 110 billion.

Bhushan Power & Steel
Premium

Bhushan Power & Steel

Ishita Ayan Dutt Kolkata
Tata Steel has shot off a letter to lenders of Bhushan Power & Steel saying that a rebid was in contravention of the National Company Law Appellate Tribunal (NCLAT) order and the Insolvency and Bankruptcy Code (IBC), sources close to the development said.On Friday, the committee of creditors (CoC) decided to give bidders time to improve their bids after JSW Steel revised its offer to Rs 180 billion, up from Rs 110 billion, in a surprise move. Tata Steel’s letter has gone out to 11-12 lenders in the consortium. 

It now remains to be seen whether lenders decide to go

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 30 2018 | 3:31 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com