Mint reported that the resolution plan for Bhushan Steel Ltd was submitted to the National Company Law Tribunal (NCLT) on Wednesday for its approval. The move comes after Tata Steel Ltd was announced as the successful resolution applicant for Bhushan Steel by the committee of creditors (CoC) on last Friday.
As per Mint report “As per the resolution plan, Tata Steel has offered upfront cash of about INR 35,200 crore to the financial creditors, along with INR 1,200 crore to operational creditors. Bhushan Steel owes about INR 44,000 crore to its creditors.”
Last week, NCLT had directed the CoC to consider objections raised by Bhushan Steel employees over the bid submitted by Tata Steel in its meeting on 13 March. The case is being heard by a two-member NCLT bench headed by M.M. Kumar.
Source : Mint