 "Larsen & Toubro, L&T")
A day after Tata Steel announced that it has emerged as the highest bidder for Bhushan Steel, engineering and construction major, L&T has moved the National Corporate Law Tribunal seeking its Rs 9 billion back from Bhushan Steel. L&T was operational creditor of Bhushan Steel. Bhushan is facing the Insolvency and Bankruptcy Code proceedings initiated by Indian banks after it failed to repay its debt worth Rs 470 billion.
L&T said it should be acknowledged as secured creditor for supply of capital goods to the company’s Odisha plant. Two-judge NCLT panel headed by M M Kumar has sought the views
