Larsen & Toubro Ltd (L&T), which is an operational creditor to Bhushan Steel Ltd, today termed the resolution plan of debt-ridden firm as “discriminatory” and “arbitrary” saying its Rs 900 crore outstanding has not been given due priority by the Committee of Creditors (CoC).
L&T, through its counsel claimed it to be an “operational secured creditor” of Bhushan Steel as it has also contributed into the company by providing plants and machinery, like the other secured creditors of the debt-ridden firm and sought a higher preference in repayment of dues before NCLT.
Meanwhile, another firm Bhushan Energy Ltd (BEL) today moved the National Company Law Tribunal (NCLT) over termination of its power purchase agreement (PPA) with Bhushan Steel Ltd.
According to senior advocate Mukul Rohatgi, appearing for the engineering and construction firm L&T, only Rs 1,200 crore has been allotted for the operational creditors under the resolution plan. Read More