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NCLAT to hear Bhushan Steel promoter's plea against Tata Steel takeover

Press Trust of India  |  New Delhi 

Law Appellate (NCLAT) will next week hear Steel promotor Neeraj Singal's plea against acquisition of the company by Steel.

Singal has sought a stay on Law (NCLT) order approving Steel's bid for the debt-ridden Steel under corporate insolvency resolution process.

The petition was mentioned today before an NCLAT bench headed by Justice S J Mukhopadhaya, which directed it to be listed on Monday for hearing.

Singal has also requested the appellate to maintain status quo over the company's shareholding.

Singal holds around 22 per cent stake in Steel.

On May 15, NCLT had approved the resolution plan submitted by the resolution professional of Bhushan Steel, with Steel emerging as the highest bidder.

The (CoC) had approved the Rs 32,500 crore deal along with 12.27 per cent equity in the company offered by

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 12:20 IST