NCLAT adjourns hearing over JSW’s bid for Bhushan Power and Steel

The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned hearing of Tata Steel’s plea against the revised JSW Steel bid for Bhushan Power and Steel to 1 November. According to a plea filed by Tata Steel, the lenders to the debt-ridden Bhushan Power and Steel permitted rival JSW Steel to change the basic parameters of its bid post submission after having declared Tata Steel as the highest bidder on affidavit. Last week, more than two-thirds of the lenders to Bhushan Power and Steel voted in favour of a revised offer by JSW Steel, turning on the heat in a contest for an asset that is being pursued by Tata Steel and UK’s Liberty House.

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