Tata Steel's takeover of Bhushan Steel: IBC's 'operational' test case

Deal is the first to reach resolution under bankruptcy code, leaves the case of supplier-creditors partially unresolved. How this issue pans out will determine future cases

A series of tweets from Piyush Goyal, the officiating minister in the ministry of finance, on Friday set the tone of government narrative on the first major sale under the Insolvency and Bankruptcy Code (IBC), which celebrated its second anniversary of parliamentary approval on May 5. The same day as Goyal’s tweets, Tata Steel announced that it had completed its purchase of 72.65 per cent in Bhushan Steel after it reached a settlement with a committee of creditors for Rs 352 billion, along with a 12 per cent equity to the creditors.

"Congrats to PM @narendramodi ji & @arunjaitley