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NCLT rejects plea by Bhushan Steel employees, okays Tata Steel bid

Tribunal also dismisses L&T plea seeking higher priority in loan recovery, imposes Rs 100,000 fine

Press Trust of India  |  New Delhi 

Tata Steel, Bhushan Steel
Tata Steel, Bhushan Steel

The (NCLT) today approved Tata Steel's bid for debt-ridden Steel.

The tribunal also dismissed a plea filed by the employees of Steel opposing Tata Steel's bid and imposed a fine of Rs 1 lakh.

The bench comprising NCLT President also dismissed the plea of engineering and construction major L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.

L&T, which is an operational creditor of Steel, had sought higher priority in recovery of debt in the resolution process at par with the financial creditors.

The tribunal also rejected Bhushan Energy's plea to continue its power purchase agreement with

The order was pronounced in court today and detailed judgement is awaited.

Earlier on April 11, the principal bench of the tribunal had reserved its order after hearing all the sides.

First Published: Tue, May 15 2018. 22:29 IST