Indian Court Rejects Tata Steel's Move to Block Rival Bids for Bhushan Power

An Indian appeals tribunal has ruled against Tata Steel Ltd’s effort to dismiss rival bids for Bhushan Power and Steel, boosting JSW Steel Ltd’s offer to buy the indebted steel maker, Reuters reported. The National Company Law Appellate Tribunal (NCLAT) said the plea by Tata Steel was “not maintainable” as it was up to the committee of creditors of Bhushan Power and Steel to accept a debt resolution plan that could maximize asset value. The tribunal said it would not interfere with JSW Steel’s bid because more than 97 percent of the indebted firm’s creditors had approved the plan. Bhushan Power and Steel, one of India’s most indebted companies, was among the first 12 companies referred by the Reserve Bank of India to a bankruptcy court for a debt resolution process under India’s new insolvency law. Tata Steel and JSW Steel, India’s top two steelmakers, as well as British metals and industrial firm Liberty House submitted bids. Read more