NCLAT Adjourns Hearing Over JSW’s Bid For Bhushan Power And Steel

- Oct 23, 2018-

Mint reported that the National Company Law Appellate Tribunal (NCLAT) on Monday adjourned hearing of Tata Steel’s plea against the revised JSW Steel bid for Bhushan Power and Steel to 1 November. A two-member NCLAT bench headed by Chairperson Justice SJ Mukhopadhaya directed the counsel appearing for Tata Steel to complete their arguments on the matter in the next hearing. NCLAT bench said “Either complete the arguments or we’ll ask them (committee of creditors) to consider the revised plan.”

Senior advocate Abhishek Manu Singhvi, appearing on behalf of Tata Steel, said “Because it is a committee of creditors (CoC), it cannot allow changes after changes six bids have been allowed by the CoC to JSW Steel.”

According to a plea filed by Tata Steel, the lenders to the debt-ridden Bhushan Power and Steel permitted rival JSW Steel to change the basic parameters of its bid post submission after having declared Tata Steel as the highest bidder on affidavit.

Last week, more than two-thirds of the lenders to Bhushan Power and Steel voted in favour of a revised offer by JSW Steel, turning on the heat in a contest for an asset that is being pursued by Tata Steel and UK’s Liberty House.

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