L&T moves NCLT seeking dues from Bhushan Steel

Larsen & Toubro (L&T) on Thursday moved the NCLT seeking higher priority in getting its dues from debt-laden Bhushan Steel which is undergoing insolvency proceedings.

Counsels appearing for Larsen & Toubro submitted before the bench that the company owes it Rs 9 billion (Rs 900 crore) in dues for supply of capital goods.

The engineering and construction major has asked National Company Law Tribunal (NCLT) to acknowledge it as a secured creditor for Bhushan Steel.

The NCLT bench has asked the resolution professionals to share their stand on the matter. The tribunal has listed L&T's plea in Bhushan Steel case on March 23.

Tata Steel on Wednesday said it has been identified as the highest bidder for acquiring controlling stake in the Bhushan Steel undergoing insolvency proceedings.

Besides, JSW Living Pvt Ltd (a joint venture between JSW and Piramal Enterprises), and a consortium of the Bhushan Steel's own employees had submitted bids to take over  assets of the bankrupt firm.

The last day to submit bids was February 3, 2018.

Tata Steel had said in Wednesday's statement that it ‘has received a formal communication from the resolution professional (RP) of Bhushan Steel Ltd that it has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL under Corporate Insolvency Resolution Process (CIRP) of the IBC, as decided in the meeting of CoC of BSL on March 6’.