Photo: ReutersNew Delhi: Larsen and Toubro Ltd (L&T) on Monday submitted its objections to Tata Steel Ltd’s resolution plan for Bhushan Steel Ltd before the National Company Law Tribunal. Another objection to Tata Steel’s resolution plan was raised by insolvency resolution professional to Bhushan Energy Ltd, Bhushan Steel’s captive power plant. Bhushan Energy objected to the proposal to terminate all power purchase agreements between the two related companies and subsequent relinquishment of any dues payable by Bhushan Steel to Bhushan Energy. The IRP for Bhushan Steel had submitted Tata Steel’s resolution plan before the NCLT for its approval on 2 April. Tata Steel’s resolution plan was approved by the CoC with 99.8% majority vote.

Source: Mint April 09, 2018 15:11 UTC