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NCLT asked to decide on JSW's bid for Bhushan Power & Steel by March 31

JSW Steel had revised its offer from Rs 11,000 crore to Rs 18,000 crore and later to Rs 19,000 crore, whereas Tata Steel's last offer stood at Rs 17,000 crore

Aashish Aryan 

Steel Industry, JSW steel, Tata, steel, SAIL, Steel Authority of India ,ArcelorMittal, Nippon Steel, VTB Capital,Essar Steel,Numetal,Vedanta steel, Vedanta, Electrosteel Steels,Bhushan Power & Steel, METAL INDUSTRY

The National Company Law Appellate Tribunal (NCLAT) on Friday asked the principal Bench of the National Company Law Tribunal (NCLT) to decide on Steel's bid for Bhushan Power and Steel by March 31. A two-member Bench also directed the NCLT to hear representatives of operational creditors, promoters, and dissenting banks before taking a decision. On Friday, the promoter of the company, Sanjay Singal, offered to repay the entire debt of all the lenders. The NCLAT, however, said it could not consider the issue and asked him to approach the NCLT. On February 4, the NCLAT had dismissed a plea moved by challenging the creditors' decision approving the resolution plan of Steel. Steel had revised its offer from Rs 11,000 crore to Rs 18,000 crore and later to Rs 19,000 crore, whereas Tata Steel's last offer stood at Rs 17,000 crore.

First Published: Sat, March 09 2019. 03:05 IST
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