Company law appellate tribunal to hear Bhushan Steel promoter's plea against Tata Steel takeover

New Delhi: The National Company Law Appellate Tribunal (NCLAT) will next week hear Bhushan Steel promotor Neeraj Singal’s plea against acquisition of the company by Tata Steel. Singal has sought a stay on the National Company Law Tribunal (NCLT) order approving Tata Steel’s bid for the debt-ridden Bhushan Steel under corporate insolvency resolution process. [caption id=“attachment_3084580” align=“alignleft” width=“380”] Representational image. Reuters[/caption] The petition was mentioned on Thursday before an NCLAT bench headed by Chairman Justice S J Mukhopadhaya, which directed it to be listed on Monday for hearing. Singal has also requested the appellate tribunal to maintain status quo over the company’s shareholding. Singal holds around 22 percent stake in Bhushan Steel. On 15 May, NCLT had approved the resolution plan submitted by the resolution professional of Bhushan Steel, with Tata Steel emerging as the highest bidder. The Committee of Creditors (CoC) had approved the Rs 32,500 crore deal along with 12.27 percent equity in the company offered by Tata Steel.