While the employees had filed an appeal against Tata Steel's bid, L&T, which has outstanding dues of ₹900 crore from Bhushan Steel, had appealed to the Tribunal to reclassify it as secured creditor so that it can recover more money from the insolvency resolution.
"The financial creditors shall receive a total consideration of Rs 35,200 crores for the settlement of the existing financial debt of BSL", Tata Steel said.
NCLT has also dismissed L&T's plea seeking higher priority in the recovery of a loan as the financial creditor and imposed Rs 1 lakh fine. BNPL will also have the option to convert up to Rs 9,000 crore of the loans into equity shares of Bhushan.
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We have to try and impose our style of play and take the game in the direction we want. "We're also strong on free kicks". They're two big clubs going head to head, two institutions, but OM have the means to win.
"As per the approved Resolution Plan, BNPL shall be classified as the "promoter" of BSL, and the existing promoters shall be de-classified as "promoters" of BSL for the purposes of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015", the statement added.
Tata Steel's subsidiary Bamnipal Steel Limited will acquire the majority equity of Bhushan Steel Limited. On March 7, Tata Steel said it had received a formal communication from the resolution professional of Bhushan Steel that it had been identified as the highest evaluated compliant resolution applicant to acquire a controlling stake in Bhushan Steel.
Electrosteel owes lenders over ₹13,000 crore, of which about ₹5,000 crore is to State Bank of India alone. This is reportedly Tata Steel's second-biggest acquisition after the Corus Group acquisition in 2007.
The six flat steel players are Tata Steel, JSW Steel, Steel Authority of India, Bhushan Steel, Bhushan Power and Steel and Essar Steel. A combination will transform the former into a leading producer of flat steel in India, as the leader is now JSW Steel with about 13 million mt/year of capacity. The company now needs a nod from the Competition Commission of India to initiate the process of acquisition.