It also held that the corporate guarantee provided was joint and co-extensive with that of the principal debtor
The CCI had in August cleared the $16-billion deal
On Wednesday, the tribunal also said that the operational creditors' concerns of getting a better share would have to be looked into
The National Company Law Appellate Tribunal today reserved its order over plea filed by former promoter of Bhushan Steel challenging the sale of the debt-ridden company to Tata Steel under the Corporate Insolvency Resolution Process. The appellate Tribunal has also reserved order over pleas of engineering firm Larsen & Toubro Ltd, an operational creditor of Bhushan Steel, which has supplied goods worth Rs 900 crore to the company. A two-member bench headed by Chairman Justice S J Mukhopadhaya has said that the parties, which also includes Bhushan Energy, may file their written submissions by tomorrow. In May, the Principal bench of the National Company Law Tribunal (NCLT) had approved Tata's Rs 32,500 crore deal along with 12.27 per cent equity to the lenders. This was challenged before the NCLAT by the promoters, including Neeraj Singhal, and operational creditors of the company. Nearly 1,700 other operational creditors of Bhushan Steel has also moved the appellate tribunal ...
The appeals are dismissed, said the NCLAT, which now is an appellate authority over the Competition Commission of India (CCI)
The NCLAT allowed plea by Mistry firms seeking the waiver in filing case of oppression and mismanagement against Tata Sons
Tribunal declares insolvency proceedings against corporate debtor Inox Wind 'illegal'
According to the Finance Act, 2017, the functions of Compat are being shifted to the NCLAT