Paving the way for JSW Steel to take over Bhushan Power and Steel (BPSL), the National Company Law Appellate Tribunal (NCLAT) on Monday dismissed Tata Steel’s objections that lenders had given the Sajjan Jindal-led firm undue chances to revise its bid even after declaring Tata Steel as the preferred bidder.
“We hold that Tata Steel’s appeal is premature, uncalled for. The appeal is also not maintainable,” a two-member NCLAT bench, headed by Justice SJ Mukhopadhaya, ordered. The appellate tribunal’s order comes even as BPSL’s promoters have written to the the Committee of Creditors (CoC) offering to pay their entire dues of over a period of 17 years, sources said.
The appellate tribunal observed that it was the prerogative of the CoC to update, modify, amend, annul or cease the resolution process at any point of time with respect to the conditions in a process document. Read More
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