Bhushan Steel Sale
PSU banks trade mixed post SC verdict on JSW Steel; should you buy the dip?
State Bank of India (SBI), Indian Overseas Bank (IOB), Uco Bank, Central Bank of India and Union Bank of India slipped between 1 per cent to 2 per cent in intraday deals on Monday
 "PSU banks trade mixed post SC verdict on JSW Steel; should you buy the dip?")
Explained: How Tata Steel put its soul into debt-laden Bhushan Steel
The first of a four-part series takes a look at how erstwhile Bhushan Steel is faring as Tata Steel BSL under a new command
 "Explained: How Tata Steel put its soul into debt-laden Bhushan Steel")
NCLAT dismisses objections, upholds Bhushan Steel sale to Tata Steel
The National Company Law Appellate Tribunal (NCLAT) today upheld the sale of Bhushan Steel to Tata Steel, rejecting allegations of its ineligibility by the promoters of the debt-ridden firm. The appellate tribunal also rejected the claims of engineering and construction major L&T, an operational creditor of Bhushan Steel Ltd, opposing Tata Steel's resolution plan seeking a higher priority in debt resettlement. An NCLAT bench headed by Chairman Justice S J Mukhopadhaya rejected the claims of its promoters Neeraj Singal that Tata Steel was ineligible to bid for Bhushan Steel under section 29 A of the Insolvency & Bankruptcy Code (IBC). The appellate tribunal said that Tata Steel UK, a foreign subsidiary of Tata Steel, which was fined by an English Court in February 2018 under UK Act, had a provision of imprisonment for a term not exceeding twelve months, or a fine, or both'. While, the provision in section 29A (d) of IBC, which deals with eligibility, stipulates has been ...
 "NCLAT dismisses objections, upholds Bhushan Steel sale to Tata Steel")
IBC process: Tata Steel writes to Bhushan Power lenders against rebid
On Friday, the committee of creditors (CoC) decided to give bidders time to improve their bids after JSW Steel revised its offer to Rs 180 billion, up from Rs 110 billion.
 "IBC process: Tata Steel writes to Bhushan Power lenders against rebid")
Tata Steel's Bhushan Steel acquisition hits NCLAT hurdle, may get costlier
NCLAT also admits L&T's petition seeking Rs 9 bn from Bhushan Steel
 "Tata Steel's Bhushan Steel acquisition hits NCLAT hurdle, may get costlier")
Resolution of Bhushan Steel bankruptcy is credit positive, says Moody's
Sale of debt-laden Bhushan Steel, which is one of the largest non-performing assets in the country, is credit positive as it will help improve banks' asset quality metrics and set precedent for resolution of other non-performing assets, particularly in the steel sector, Moody's Investors Service said today.On Wednesday, Tata Steel via exchanges informed that it has emerged as the highest bidder to acquire controlling stake in Neeraj Singhal-promoted Bhushan Steel which is undergoing a resolution under India's 2016 Insolvency and Bankruptcy Code. Tata Steel did not disclose the final purchase price or the transaction's terms and conditions.Nevertheless, based on media reports, the purchase price could result in a haircut of around 25 percent for the lenders to Bhushan Steel, said Moody's. The Reserve Bank of India has asked banks to provide a minimum of 50 percent of their respective loan amount for the account by March 2018. As such, a haircut of less than their provisioning cover ...
 "Resolution of Bhushan Steel bankruptcy is credit positive, says Moody's")
Debt-laden Bhushan Steel's stock rises 16% on JSW takeover reports
Bhushan Steel has a debt of around Rs 440 billion
JFE-JSW, ArcelorMittal, Vedanta to bid for Bhushan Steel next week
Bhushan Steel was taken to NCLT after it failed to repay banks Rs 570 bn, the largest non-performing asset in Indian banking
Odisha to stay away from Bhushan Steel bid
Tata Steel and ArcelorMittal also are expected to make a bid for Bhushan Steel
 "Odisha to stay away from Bhushan Steel bid")
