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The National Company Law Appellate Tribunal has issued a notice to the resolution professional (RP) and Committee of Creditors (CoC) of Bhushan Steel over the plea filed by its operational creditor L&T.
NCLAT also impleaded Tata Steel, whose bid for the debt-ridden firm has been approved, as party over L&T’s plea seeking to recover Rs 900 crore.
“Let notice be issued to CoC and RP. File their replies by May 28,” the NCLAT Bench headed by Chairman Justice S J Mukhopadhaya said today.
The Bench has directed that the matter be listed on May 30 for next hearing. It has also directed the engineering and construction major to file a certified copy of NCLT order.
On May 15, the National Company Law Tribunal (NCLT) had approved the resolution plan submitted by the resoution professional of Bhushan Steel, which has found Tata Steel as the highest bidder. CoC had approved the Rs 32,500 crore deal along with 12.27 per cent equity in the company offered by Tata Steel.
During the proceedings, senior advocate Mukul Rohatgi appearing for L&T submitted that the operational creditors are getting nothing from Rs 32,500 crore offer from Tata Steel.
“Though RP admits our claims of Rs 500 crore but we would get nothing,” he said, adding “Rs 32,500 crore would be swallowed by the banks’’.
Earlier, on May 15, while approving Tata Steel’s bid, NCLT had dismissed the plea of L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.
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