L and T moves NCLT, seeks dues from Bhushan Steel

L and T moves NCLT, seeks dues from Bhushan Steel

L and T moves NCLT, seeks dues from Bhushan Steel

JSW Living, a joint venture between JSW and Piramal Enterprises, the other contender for Bhushan Steel had bid for ₹28,000 crore, while about 500 employees of Bhushan Steel had come together and placed a resolution plan, but it was not considered as it did not meet the requirement.

The advisors to the Committee of Creditors (CoC) and the RP of BSL are now in discussions with Tata Steel on the resolution plan, the statement said.

"The advisers to the CoC and the resolution professional of BSL are now in discussions with Tata Steel on the resolution plan".

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Bhushan Steel is one of 12 large nonperforming assets held by Indian banks that lenders past year took to India's National Company Law Tribunal (NCLT) for a resolution under the IBC.

The Tata Steel scrip was also under pressure, ending at Rs 648, down by Rs 12.50 or 1.89 per cent, on the BSE. The Dalmia firm, which is also one of the bidders of Electrosteel, had questioned eligibility of Tata Steel and Vedanta as per Clause 29 (A) of IBC code.

Tata Steel gained 39 percent, while Bhushan Steel declined 38 percent in the last 9 months.

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Bhushan Steel, which makes auto-grade steel, has an annual production capacity of 5.6 million tonnes. This explains why the auction had seen such aggressive bidding - well over the liquidation value reportedly pegged at Rs 20,000 crore.

Tata Steel has been identified as the highest resolution applicant to acquire controlling stake of Bhushan Steel, which was undergoing insolvency proceedings.

Essar Steel Ltd, another company with a heap of sour loans owed to banks, has seen heightened interest and aggressive bidding from world's biggest steelmaker ArcelorMittal and a consortium led by Russian bank VTB, according to media reports.

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