Steel, cement asset bidders can take CCI nod after win, say experts

Bidders, however, are of the opinion that the IBC process should be exempted from CCI regulations, like the earlier Board of Industrial and Financial Reconstruction cases

Tata Steel, JSW Steel, and UltraTech bids for stressed assets in the cement and steel industries, under the Insolvency and Bankruptcy Code (IBC) regulations, will not face hurdles from competition laws, claim experts.

Bidders for stressed assets in cement and steel industries will have to take approval from the Competition Commission of India (CCI) and lenders only after they win a bid — and not at the time of bidding.

Some competitors have claimed that the bids of UltraTech Cement for Binani Cement, and JSW Steel’s and Tata Steel’s bids for Bhushan Steel and Bhushan Power were violating CCI regulations