NCLT Clears Way For Tata Steel's Acquisition Of Bhushan Steel

NCLT approves Tata Steel's bid for Bhushan Steel

Tata Steel can produce about 10 million mt/year of flat steel while Bhushan Steel has a production capacity of 5 million mt/year, CRISIL said.

"The financial creditors shall receive a total consideration of Rs 35,200 crores for the settlement of the existing financial debt of BSL", Tata Steel said.

Acquisition of BSL will be a key element in Tata Steel's domestic growth strategy under new Tata Sons chairman N Chandrasekaran. It had a liquidation value of Rs 14,541 crore. At the end of January, BSL promoter and vice chairman Neeraj Singhal had sought to halt the process by writing to lenders and asking them to consider restructuring the company's debt under the sustainable structuring of stressed assets (S4A) mechanism by dividing the debt into sustainable and unsustainable parts, with no haircut. BNPL will also have the option to convert up to Rs 9,000 crore of the loans into equity shares of Bhushan. Additionally, Tata will pay another Rs 1,200 crore to the operational creditors.

It further added: "Pursuant to the resolution plan, Bamnipal Steel would invest in, and acquire control of, the company on closing date". In fact, PNB reportedly had an exposure of close to Rs 5,000 crore, a sizeable chunk of which will now come back to coffers and help it to partly offset the damage wrought by Nirav Modi over the past seven years.

NCLT has also dismissed L&T's plea seeking higher priority in the recovery of a loan as the financial creditor and imposed Rs 1 lakh fine.

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The Bench, comprising NCLT President Justice MM Kumar and SK Mohapatra, also dismissed Bhushan Energy's plea to direct Tata Steel, the new owners of Bhushan Steel, to continue with its power purchase agreement.

The tribunal accepted the plan filed by BSL's resolution professional (RP), which was approved by the Committee of Creditors (CoC) led by SBI, after finding Tata Steel as the highest bidder.

However, some employees of Bhushan Steel had challenged it before NCLT contending that Tata Steel was not eligible under section 29 (A) of the Insolvency and Bankruptcy Code (IBC).

Tata Steel is also due to announce its Q4 FY18 results today, which according to a Reuters poll will mark the company's return to green.

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