The National Company Law Appellate Tribunal (NCLAT) on Monday refused to stay Tata Steel's acquisition of Bhushan Steel.
An NCLAT bench headed by Chairman Justice SJ Mukhopadhaya also issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on a petition filed by its promoter Neeraj Singal challenging the sale.
Singal had sought a stay on the NCLT order approving Tata Steel's bid for the debt-ridden Bhushan Steel under corporate insolvency resolution process on Thursday.
Neeraj Singal holds around 22% stake in Bhushan Steel.
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On May 15, NCLT had approved the resolution plan submitted by the resolution professional of Bhushan Steel, with Tata Steel emerging as the highest bidder.
The Committee of Creditors (CoC) had approved the Rs 32,500 crore deal along with 12.27% equity in the company offered by Tata Steel.
Read also: NCLAT to hear Bhushan Steel promoter's plea against Tata Steel takeover
But the tribunal refused to stay Tata Steel's takeover bid.
Singal had also requested the appellate tribunal to maintain status quo over the company’s shareholding.
First Published:May 21, 2018 12:04 PM IST