The National Company Law Tribunal (NCLT) on Thursday approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy Ltd for around Rs 800 crore.
The principal bench of NCLT Delhi also rejected objections from Bhushan Energy’s former promoter Neeraj Singal opposing Tata Steels’ bid.
Under the resolution plan, Tata Steel will offer an upfront payment of Rs 730 crore. It would also pay Rs 50 crore additionally to operational creditors of the company.
Besides, Tata Steel would also infuse Rs 367 crore into the company as a part of equity infusion.
A detailed order is still awaited in this matter. The order was pronounced by NCLT on Thursday.
