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The National Company Law Tribunal (NCLT) today adjourned the hearing to April 5 over sale of debt-ridden firm Bhushan Steel to Tata Steel by the Committee of Creditors (CoC).
The matter, which was listed for hearing today, would now come before the Principal bench on April 5.
Senior advocate A S Chandhiok, who is appearing for the employees of Bhushan Steel, would continue his arguments.
Yesterday Chandhiok had contended that Tata Steel was ineligible to participate in the resolution process of Bhushan Steel under the IBC Code.
Besides, the NCLT was also informed that Tata Steel, which has emerged as the highest bidder for Bhushan Steel, will pay Rs 35,200 crore in cash and convert over Rs 27,000 crore worth of their loans into equity.
As per Tata Steel's offer, financial creditors would get 12.27 per cent of equity of the Bhushan Steel, which would be subject to Sebi approval.
Senior advocate Tushar Mehta, appearing for the Committee of Creditor (CoC), had yesterday informed the NCLT that bids of Tata Steel were judged on the basis of viability and feasibility on the commercial basis.
As on February 1, 2018, Bhushan Steel had a total debt of Rs 57,160 crore.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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