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16-May2018

NCLT approves RP submitted by Tata Steel for acquisition of Bhushan Steel

National Company Law Tribunal (Principal Bench, New Delhi) (NCLT) has approved the Resolution Plan (RP) submitted by Tata Steel for acquiring the controlling stake of Bhushan Steel under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC).

As per the terms of approved Resolution Plan, Bamnipal Steel (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of Bhushan Steel at face value of Rs 2 per share, for an aggregate amount of Rs 158.89 crore. The financial creditors shall receive a total consideration of Rs 35,200 crore for the settlement of the existing financial debt of Bhushan Steel.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world's second most geographically diversified steel producer and a Fortune 500 Company.


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