Corporate resolution: Larsen & Toubro moves NCLT against Bhushan Steel

The move follows Tata Steel's announcement that it emerged as the highest bidder for the Delhi-based steel company, beating Sajjan Jindal-promoted JSW

A corporate tug-of-war has broken loose, with infrastructure major Larsen & Toubro (L&T) moving the National Company Law Tribunal’s (NCLT’s) Delhi Bench against the Bhushan Steel resolution process. Tata Steel on Wednesday had announced it had emerged the highest bidder for the Delhi-based steel company, beating Sajjan Jindal-promoted JSW.
 
L&T alleged that Bhushan Steel, undergoing corporate resolution, had defaulted on payment of Rs 9.62 billion for construction of its Angul factory in Odisha. Under the procedure set by the Insolvency and Bankruptcy Code (IBC), L&T had claimed the amount by filing a prescribed form with the resolution professional (RP)