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Bhushan Power & Steel CoC allowed JSW to change parameters of bids - Tata Steel-2019 China(Guangzhou)Int’
l Metal & Metallurgy Exhibition-metal exhibition
9/7/2018 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo |
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Press Trust of India reported that Tata Steel on Thursday submitted before the NCLAT that the lenders of Bhushan Power & Steel permitted rival JSW Steel to change the basic parameters of its bids after submission. Senior advocate Abhishek Manu Singhvi, appearing on behalf of Tata Steel, submitted before the appellate tribunal that it was against the interim order passed by NCLAT on 6 August. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has listed the matter on 24 September for next hearing.
Passing an order on August 6 order, the NCLAT had allowed all three contenders, Tata Steel, Liberty House and JSW, to file additional unconditional ''resolution plans'' by August 13, 2018, improving their financial offer without compromising the basic parameters of the resolution plans already submitted by them. However, the Committee of Creditors allowed JSW to change basic parameters of its resolution plans.
While, Tata Steel following NCLAT (National Company Law Appellate Tribunal) order of the appellate tribunal 6 August order, has filed one additional plan.
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