The National Company Law Tribunal (NCLT) on Thursday approved Tata Steel’s Rs 805-crore bid for Bhushan Energy, a unit that belonged to the Delhi-based Singal family.
Bhushan Energy would be Tata Steel’s second acquisition of an insolvent firm from the Singal family. In May last year, Tata Steel had acquired Bhushan Steel for Rs 35,200 crore through the Insolvency and Bankruptcy Code (IBC) route.
Bhushan Energy has around Rs 4,000-crore debt. Its liquidation value was seen at Rs 755 crore.
On a petition moved by State Bank of India, insolvency proceedings against Bhushan Energy under Section 7 of the Code was admitted by the NCLT’s principal Bench on January 8, 2018.
