Tata Steel is making a last ditch attempt to buy the bankrupt Bhushan Power and Steel even though the Committee of Creditors (CoC) to the company are understood to have identified JSW Steel as the preferred bidder.
The NCLAT on Monday adjourned to November 1, the hearing on Tata Steel’s plea challenging the CoC’s decision to allow JSW Steel to submit a revised bid for the bankrupt Bhushan Power and Steel (BPSL).
“On the next date, taking into consideration the time may be taken for completion of the argument, the Appellate Tribunal will decide as to whether, in the meantime, the Adjudicating Authority (NCLT) be allowed to consider the ‘approved resolution plan’,” the two-member NCLAT bench, headed by Justice SJ Mukhopadhaya, said. Lenders had on July 31 selected Tata Steel as the H1 bidder and JSW Steel as the H2 bidder for BPSL. —FE