Tata Steel, JSW, Liberty House submit bids for debt-ridden Bhushan Power & Steel's assets


New Delhi: Tata Metal, Liberty Home and JSW have submitted bids for the second time to accumulate debt-laden Bhushan Energy and Metal Ltd, sources within the know of the matter mentioned.

The bids have been submitted to Committee of Collectors (CoC) late final evening by the three events, a supply mentioned.

On 6 August, the Nationwide Firm Regulation Appellate Tribunal (NCLAT) had prolonged the deadline for submission of revised bids for BPSL by one week on the plea of Tata Metal, a decision applicant on this.

“The CoC is at current evaluating the three bids and can inform its choice to the NCLAT on 17 August,” mentioned the supply.

Representational picture. Reuters.

“Liberty Home has addressed sure points raised by the CoC,” a Liberty Home official mentioned however refused to touch upon submission of bids.

In keeping with studies, JSW is the one one who has submitted revised bid of Rs 19,700 crore.

Whereas Tata Metal didn’t remark, an e mail question despatched to JSW Metal remained unanswered.

Sajjan Jindal-led JSW Metal, Tata Group agency Tata Metal and UK-based Liberty Home are competing with one another to accumulate BPSL by an insolvency course of.

BPSL owes about Rs 45,000 crore to its lenders. It was among the many 12 non-performing accounts referred by the Reserve Financial institution of India for NCLT proceedings.

BPSL is a completely built-in 3.5 million tonne each year (MTPA) metal making firm. It’s a main producer of flat and lengthy merchandise.



Source link

Facebook Comments