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

PTI New Delhi | Updated on May 17, 2018

The National Company Law Appellate Tribunal (NCLAT) will next week hear Bhushan Steel promotor Neeraj Singal’s plea against acquisition of the company by Tata Steel. Singal has sought a stay on the National Company Law Tribunal (NCLT) order approving Tata Steel’s bid for the debt-ridden Bhushan Steel under the corporate insolvency resolution process.

The petition was mentioned today before an NCLAT bench headed by Chairman Justice S J Mukhopadhaya, which directed it to be listed on Monday for hearing. Singal has also requested the appellate tribunal to maintain status quo over the company’s shareholding. Singal holds around 22 per cent stake in Bhushan Steel.

On May 15, NCLT had approved the resolution plan submitted by the resolution professional of Bhushan Steel, with Tata Steel emerging as the highest bidder. The Committee of Creditors (CoC) had approved the Rs 32,500-crore deal, along with 12.27 per cent equity in the company offered by Tata Steel.

Published on May 17, 2018

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