LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

NCLAT allows bidders of Bhushan Power to revise offers by Monday

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Aug 01, 2018
11:06 pm
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The National Company Law Appellate Tribunal today allowed all three bidders for debt-ridden Bhushan Power & Steel -- Tata Steel, Liberty House and JSW -- to file revised offers by August 6, a day after lenders picked the Tata Group company as the highest bidder.

Passing an interim order, the appellate tribunal said that all the three contenders could upgrade their offer.

The NCLAT was hearing a plea filed by Tata Steel challenging the revision of bid by JSW Steel on July 27 ahead of the meeting of the Committee of Creditors (CoC) to finalise vote on offers for the debt-ridden company.

The CoC in its meeting yesterday selected Tata Steel as the highest bidder (H1) for Bhushan Power & Steel (BPSL).

Meanwhile, the NCLAT today directed the Committee of Creditors (CoC) to take a decision over the revised bids and keep it in a sealed cover.

"All resolution applicants can submit their revised offer by Monday, said a NCLAT bench headed by Chairman Justice S J Mukhopadhaya.

The bench said that the bidders can only change the financial part of the bid.

The NCLAT has directed the matter to be listed on August 17 for next hearing.

During the proceedings, senior advocate Abhishek Manu Singhvi appearing for Tata Steel submitted that the CoC has selected it as H1 in a meeting held yesterday and lenders should be allowed to proceed to vote over the existing proposals.

However, this was objected by other parties.

The NCLAT last month had vacated its stay and asked the CoC to consider resolution plans submitted by three firms -- Tata Steel, Liberty House and JSW Steel. The tribunal on July 20 gave a go-ahead to the CoC meeting, directing it to finalise a bid for the company.

However, JSW Steel revised up its offer from Rs 11,000 crore to Rs 18,000 crore ahead of the CoC meeting.

Tata Steel put in a bid of Rs 17,000 crore.

Following the CoC picking Tata Steel as H1 bidder, UK-based Liberty House in a letter to the creditors panel and resolution professional alleged that CoC has not been fair to the UK-based firm while evaluating its bid for BPSL, sources said.

Liberty House alleged that "despite Liberty House bid provided superior recovery to the financial lenders and submitted firm financial commitment letters, CoC scored the company not fairly", a source privy to the development said.

A Liberty House spokesperson declined to comment on the matter.

Resolution Professional (RP) Mahender Kumar Khandelwal said he had no comments to offer as the matter was subjudice.

Bhushan Power and Steel owes about Rs 45,000 crore to its lenders. It was among the 12 non-performing accounts referred by the RBI for NCLT proceedings.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

GST Refund: This is how you can track your application without logging in to GST Portal - Explained

Infosys, HCL Tech are top stock picks of HDFC Securities I Key highlights for Investors

Nazara Technologies IPO: Rakesh Jhunjhunwala has stake here I Key highlights for investors on this stock from Elara Capital

Stocks in Focus on March 9: Easy Trip Planners IPO, BPCL, Balmer Lawrie, Cadilla Healthcare to Adani Ports; here are the 5 Newsmakers of the Day

7th pay Commission latest news: Grab this job opportunity that offers salary up to Rs 1,77,500, DA and other allowances

Kajaria Ceramics share price: Sharekhan retains Buy rating with a revised price target of Rs 1200

Delhi Budget 2021 LIVE: Top announcements, highlights

Yes Bank and SBI share price: Check what just happened to targets of these lenders

Following Rakesh Jhunjhunwala portfolio? This is the share to buy today, say experts

Big Update: PUBG creator invests $22.4 mn in this Indian Gaming company | Is PUBG Mobile India launch soon? Check here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved