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Tata Steel expects Bhushan Steel sell-off to be closed this week Tata Steel highest bidder for Bhushan Steel, offers Rs 100 bn more than JSW Bhushan Steel's 9% stake encumbered with Edelweiss ARC; stocks tumble Insolvency process: UK-based Liberty House bids for Bhushan Power and Steel Bhushan Steel up 20% on talks of Tata Steel become highest bidder -
The L&T counsel argued that it should get the status of a secured creditor. If it was considered an operational creditor, it would not be able to retrieve its dues, L&T said.
Advisors to the committee of creditors and Resolution Professional of Bhushan Steel were currently engaged in discussions with Tata Steel over the resolution plan, a Tata Steel statement said yesterday. The next steps in the process would be in line with the stipulations under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC). Neeraj Singhal-promoted Bhushan Steel had received resolution plans from JSW Steel and employees of Bhushan Steel. The Odisha-based company operates a 5.6-million-tonne capacity and is a high-margin flat product business that can cater to the domestic as well as the export auto market. As on March 31, 2017, Bhushan Steel had a debt of Rs 481 billion.
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