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

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