- Tag results for Bhushan Steel
India’s steel sector consolidation will drive improvement in the industry’s capacity utilisation levels and mute the pressure on profitability, Moody's said.
A bench comprising Justices A M Khanwilkar and D Y Chandrachud, however, stayed the operation of the Delhi High Court judgement and transferred to itself the plea Singal had filed in the SC.
Singh said this was a serious matter as Rs 2,368 crore of public loans have now disappeared through 146 shell companies and Rs100 crore in cash was deposited in his bank accounts.
Meanwhile, Sen said that at its Kalinganagar plant Tata Steel has already commenced that phase II of its expansion which would take the capacity of the unit from three million tonnes per annum.
In an urgent mentioning seeking a stay on the bail order, Additional Solicitor General Tushar Mehta told the bench headed by Chief Justice Dipak Misra that 'We don’t want another Mallya.'
The court said it will pronounce its decision on Singal's interim application on August 29.
Bhushan Steel is one of the 12 big cases that had been referred for insolvency resolution by banks.
Authorities have ringed in yet another date to complete the resolution process of debt-laden Bhushan Power & Steel Ltd.
The committee of creditors (CoC) has asked the BPSL bidders, including Tata Steel and JSW Steel, to submit their final bids by tomorrow morning to acquire assets of the debt-ridden firm.
Vacating its earlier stay, the National Company Law Appellate Tribunal (NCLAT) on Friday allowed lenders of Bhushan Power & Steel to finalise a bid for the debt-ridden company. The next hearing will b
T V Narendran CEO and MD of Tata Steel, has more than 30 years of experience in metal and mining industry.
The plea was after the NCLT directed Bhushan Power’s lenders, led by Punjab National Bank, to consider the bid submitted by Liberty House.
NCLAT asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month.
Tata Steel, which won the bid for Bhushan Steel Ltd, completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm last week.
The other banks which will get major share of the sales proceeds include Punjab National Bank (Rs 700 crore), Canara Bank (Rs 600 crore) and Bank of India (Rs 500 crore).