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Bhushan Steel: Tribunal asks creditors panel to respond to L&T plea

Mumbai | Updated on May 22, 2018 Published on May 22, 2018

Next hearing on May 30

The National Company Law Appellate Tribunal has ordered the Resolution Professional and the Committee of Creditors of Bhushan Steel to file their response to L&T petition by May 28, while including Tata Steel as a party in the case.

L&T had moved NCLAT against the NCLT judgment refusing to consider it as financial creditor rather than operation creditor so that it can recover part of ₹900 crore dues from Bhushan Steel sale.

“Let notice be issued to CoC and RP. File their replies by May 28,” said the NCLAT bench headed by Chairman Justice SJ Mukhopadhaya posting the next hearing in the case on May 30.

It has also directed L&T to file certified copy of the NCLT order.

Incidentally, NCLAT will also hear the petition filed by Bhushan Steel promoter Neeraj Singal claiming that Tata Steel is ineligible to bid under the Insolvency and Bankruptcy Code on May 30.

On May 15, the NCLT approved the resolution plan of Tata Steel that involves upfront cash payment of ₹32,500 crore and equity stake of 12.27 per cent in the company to lenders.

While approving Tata Steel bid, NCLT had dismissed the plea of L&T plea and imposed a fine of Rs 1 lakh.

Published on May 22, 2018
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