Tata Steel, JSW, Liberty House submit bids for debt-ridden Bhushan Power & Steel's assets
On 6 August, the National Company Law Appellate Tribunal (NCLAT) had extended the deadline for submission of revised bids for Bhushan Power and Steel by one week on the plea of Tata Steel, a resolution applicant in this
New Delhi: Tata Steel, Liberty House and JSW have submitted bids for the second time to acquire debt-laden Bhushan Power and Steel Ltd, sources in the know of the matter said.
The bids were submitted to Committee of Creditors (CoC) late last night by the three parties, a source said.
On 6 August, the National Company Law Appellate Tribunal (NCLAT) had extended the deadline for submission of revised bids for BPSL by one week on the plea of Tata Steel, a resolution applicant in this.
"The CoC is at present evaluating the three bids and will inform its decision to the NCLAT on 17 August," said the source.
"Liberty House has addressed certain issues raised by the CoC," a Liberty House official said but refused to comment on submission of bids.
According to reports, JSW is the only one who has submitted revised bid of Rs 19,700 crore.
While Tata Steel did not comment, an email query sent to JSW Steel remained unanswered.
Sajjan Jindal-led JSW Steel, Tata Group firm Tata Steel and UK-based Liberty House are competing with each other to acquire BPSL through an insolvency process.
BPSL owes about Rs 45,000 crore to its lenders. It was among the 12 non-performing accounts referred by the Reserve Bank of India for NCLT proceedings.
BPSL is a fully integrated 3.5 million tonne per annum (MTPA) steel making company. It is a leading manufacturer of flat and long products.
NCLAT dismisses Tata Steel plea; upholds lender's decision to approve JSW's bid for Bhushan Power & Steel
JSW Steel had revised its offer from Rs 11,000 crore to Rs 18,000 crore and later to over Rs 19,000 crore, whereas Tata Steel's last offer was at Rs 17,000 crore after it had refused to revised its bid.
Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT
JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters
The National Company Law Appellate Tribunal will hear the plea of JSW Steel, which has emerged as the highest bidder for Bhushan Power & Steel Ltd, seeking immunity from the ongoing cases of money laundering against the latter on 14 October