NCLT approves Tata Steel's bid for Bhushan Steel

The National Company Law Tribunal (NCLT) has approved Tata Steel's bid submitted by the resolution professional for Bhushan Steel. NCLT has dismissed Bhushan Steel employees' plea opposing Tata Steel's bid. The tribunal has also imposed a fine of Rs 1 lakh on the company.  

NCLT approves Tata Steel's bid for Bhushan Steel
The National Company Law Tribunal (NCLT) has approved Tata Steel's bid submitted by the resolution professional for Bhushan Steel. Image source: PTI

The National Company Law Tribunal (NCLT) has approved Tata Steel's bid submitted by the resolution professional for Bhushan Steel. NCLT has dismissed Bhushan Steel employees' plea opposing Tata Steel's bid. The tribunal has also imposed a fine of Rs 1 lakh on the company.
 
NCLT has also dismissed L&T's plea seeking higher priority in the recovery of a loan as the financial creditor and imposed Rs 1 lakh fine. It has also rejected Bhushan Energy's plea to continue its power purchase agreement with the debt-ridden Bhushan Steel. 

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Written By: ZeeBiz WebTeam
Updated: Tue, May 15, 2018
11:53 AM IST
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