Page 2 - Bhushan Steel

Explained: How Tata Steel put its soul into debt-laden Bhushan Steel

The first of a four-part series takes a look at how erstwhile Bhushan Steel is faring as Tata Steel BSL under a new command

SC sets aside HC order granting bail to ex Bhushan Steel CFO in fraud case

Bhushan Steel's former chief financial officer, Nittin Johari, was arrested by the SFIO on May 2 for alleged fraudulent activities, including filing false documents with various banks

NCLT approves JSW Steel's $2.7 billion bid for Bhushan Power & Steel

Bhushan Power will add 3.5 million tons a year capacity to the Sajjan Jindal-led mill's operations

Former Bhushan Steel CFO Nitin Johri arrested for fraudulent practices

Johri was managing the affairs of Bhushan Steel and was looking after raising of funds from banks and financial institutions

CBI raids Bhushan Steel and Power's premises in Rs 2,348 cr bank fraud case

Directors of the company allegedly diverted huge amount of bank funds using their companies and shell companies

NCLT asked to decide on JSW's bid for Bhushan Power & Steel by March 31

JSW Steel had revised its offer from Rs 11,000 crore to Rs 18,000 crore and later to Rs 19,000 crore, whereas Tata Steel's last offer stood at Rs 17,000 crore

Tata aims to raise its production to 4 million tonnes in Bhushan Steel

Bhushan Steel's Odisha plant is presently operating at 3.5 MT against a capacity of 5 MT

'Power pacts between Bhushan Steel, Bhushan Energy under discussion'

Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd through the insolvency process

Former Bhushan Steel promoter Neeraj Singal held for siphoning off Rs 20 bn

The company was one of the 12 big-ticket cases that went to the NCLT after the RBI identified it as a bad loan

Bhushan Steel's former promoter Neeraj Singal arrested for siphoning funds

The probe agency, which comes under the Corporate Affairs Ministry, got powers to arrest people for violations of companies law last year

Liberty House moves NCLAT, seeks info on bids from Bhushan Steel lenders

UK-based Liberty House today approached the National Company Law Appellate Tribunal (NCLAT) against the committee of creditors and resolution professional of Bhushan Power & Steel seeking information on the bid finalisation process of the firm. In its plea, Liberty House has alleged that lenders are not sharing any information or documents related to their meeting, which is being convened today. A two-member bench headed by Chairman Justice S J Mukhopadhaya has asked the lenders to address the grievances of Liberty House. The appellate tribunal has also directed to list Liberty House's plea on July 12, when the main matter related to Bhushan Power & Steel Ltd (BPSL) would come up for hearing. Earlier, lenders of BPSL had rejected the resolution plan submitted by Liberty House citing delay, following which the UK-based group had moved the National Company Law Tribunal (NCLT). The NCLT had on April 23 directed BPSL's lenders, led by PNB, to consider the bid submitted by Liberty .

Bhushan Energy's resolution professional may move court against Tatas

The resolution professional for Bhushan Energy is likely to move court against Tata Steel's resolution plan for Bhushan Steel

Bhushan Steel appoints two additional directors on company's board

On May 18, Tata Steel -- which had won the bid for Bhushan Steel under the insolvency process -- completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm.

NCLAT refuses to stay Tata Steel's acquisition of debt-laden Bhushan Steel

The National Company Law Appellate Tribunal (NCLAT) today declined to stay Tata Steel's acquisition of debt-laden Bhushan Steel under the corporate insolvency resolution process. An NCLAT bench headed by Chairman Justice S J Mulhopadhaya also issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on a petition filed by its promotor Neeraj Singal challenging the sale. "Let us decide the law but not stall the process," the bench said, adding that the resolution process would be subject to the final outcome of the case. The bench directed the matter to be listed on May 30 and asked the parties to file their replies in a week. Meanwhile, engineering and construction major L&T, which is an operational creditor of Bhushan Steel, has also approached the appellate tribunal against NCLT's order approving sale of the debt-ridden firm to Tata Steel. L&T's plea would be heard tomorrow. In his petition, Neeraj Singal has challenged the ..

NCLT reserves order on plea against sale of Bhushan Steel to Tatas

The National Company Law Tribunal (NCLT) today reserved its order on a plea challenging sale of debt-ridden firm Bhushan Steel to Tata Steel by the Committee of Creditors (CoC). The Principal bench of NCLT headed by President Justice M M Kumar reserved its order after concluding the hearing in the matter. The CoC of Bhushan Steel has approved Rs 35,200 crore deal along with 12.27 per cent equity in the company offered by Tata Steel. However, some Bhushan Steel employees had challenged the decision before the NCLT contending that Tata Steel was not eligible to bid under Section 29 (A) of the IBC Code. During the proceedings, senior advocate Rajiv Nayar representing Tata Steel said that CoC of Bhushan Steel had found its offer compliant to the regulations of the Insolvancy & Bankruptcy Code (IBC). He also justified Tata Steel's stand on not going with power purchase agreement (PPA) of Bhsuhan Steel with Bhushan Energy Ltd (BEL) in the resolution plan submitted before the CoC saying

Insolvency row: L&T terms Bhushan Steel's resolution plan 'discriminatory'

Larsen & Toubro Ltd (L&T), which is an operational creditor to Bhushan Steel Ltd, today termed the resolution plan of debt-ridden firm as "discriminatory" and "arbitrary" saying its Rs 900 crore outstanding has not been given due priority by the Committee of Creditors (CoC). L&T, through its counsel claimed it to be an "operational secured creditor" of Bhushan Steel as it has also contributed into the company by providing plants and machinery, like the other secured creditors of the debt-ridden firm and sought a higher preference in repayment of dues before NCLT. Meanwhile, another firm Bhushan Energy Ltd (BEL) today moved the National Company Law Tribunal (NCLT) over termination of its power purchase agreement (PPA) with Bhushan Steel Ltd. According to senior advocate Mukul Rohatgi, appearing for the engineering and construction firm L&T, only Rs 1,200 crore has been allotted for the operational creditors under the resolution plan. "Rs 200 crore is for pro rata ...

Tata Steel to pay Rs 352 bn cash for Bhushan Steel, becomes highest bidder

Tata has also offered Rs 12 billion to its operational creditors depending on the criticality to run the company

Consider objections to Tata Steel bids: NCLT to Bhushan Steel creditors

The NCLT refused it stating that it is not inclined to accept Tata Steel's objection at this stage

L&T moves NCLT, seeks Rs 9 billion from 'bankrupt' Bhushan Steel

L&T said it should be acknowledged as secured creditor for supply of capital goods to the company's Odisha plant

Bhushan Steel auction: Fear of winner's curse pulls down Tata Steel shares

Tata Steel also sweetened the deal with 12.5 per cent equity of Bhushan Steel to the lenders