Tata Steel has received a formal communication from the interim resolution professional (IRP) of Bhushan Steel that it has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of the company.
The company of creditors (COC) on Tuesday decided Tata Steel as the highest evaluated compliant resolution applicant under the Corporate Insolvency Resolution Process (CRIP) of the Insolvency and Bankruptcy Code 2016 (IBC). “Following the above communications, the advisors to the CoC and Resolution Professional of BSL are currently in discussions with Tata Steel on the resolution plan. The next steps in the process will be as per the stipulations under the CIRP of the IBC,” said a Tata Steel statement.
