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The move by Tata Steel to terminate the power purchase agreement (PPA) between Bhushan Steel and its subsidiary Bhushan Energy is set to be challenged in court.
According to sources, the resolution professional for Bhushan Energy is likely to move court against Tata Steel’s resolution plan for Bhushan Steel.
The PPA relates to buying of power generated by Bhushan Energy by Bhushan Steel. Tata Steel has acquired debt-ridden Bhushan Steel for Rs 350 billion through the insolvency process. Bhushan Energy is also undergoing insolvency resolution in the National Company Law Tribunal (NCLT). “The PPA between the two companies is a captive one
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