<p class="title">The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel's bid for debt-ridden Bhushan Steel.</p>.<p class="bodytext">The tribunal also dismissed a plea filed by the employees of Bhushan Steel opposing Tata Steel's bid and imposed a fine of Rs 1 lakh.</p>.<p class="bodytext">The bench comprising NCLT President Justice M M Kumar and S K Mohapatra also dismissed the plea of engineering and construction major L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.</p>.<p class="bodytext">L&T, which is an operational creditor of Bhushan Steel, had sought higher priority in recovery of debt in the resolution process at par with the financial creditors.</p>.<p class="bodytext">The tribunal also rejected Bhushan Energy's plea to continue its power purchase agreement with Bhushan Steel.</p>.<p class="bodytext">The order was pronounced in court on Tuesday and detailed judgement is awaited.</p>.<p class="bodytext">Earlier on April 11, the principal bench of the tribunal had reserved its order after hearing all the sides.</p>.<p class="bodytext">The Committee of Creditors (CoC) had approved Rs 32,500 crore deal along with 12.27% equity in Bhushan Steel offered by Tata Steel.</p>.<p class="bodytext">However, some employees of Bhushan Steel had challenged it before NCLT contending that Tata Steel was not eligible under section 29 (A) of the Insolvency and Bankruptcy Code (IBC). </p>
<p class="title">The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel's bid for debt-ridden Bhushan Steel.</p>.<p class="bodytext">The tribunal also dismissed a plea filed by the employees of Bhushan Steel opposing Tata Steel's bid and imposed a fine of Rs 1 lakh.</p>.<p class="bodytext">The bench comprising NCLT President Justice M M Kumar and S K Mohapatra also dismissed the plea of engineering and construction major L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.</p>.<p class="bodytext">L&T, which is an operational creditor of Bhushan Steel, had sought higher priority in recovery of debt in the resolution process at par with the financial creditors.</p>.<p class="bodytext">The tribunal also rejected Bhushan Energy's plea to continue its power purchase agreement with Bhushan Steel.</p>.<p class="bodytext">The order was pronounced in court on Tuesday and detailed judgement is awaited.</p>.<p class="bodytext">Earlier on April 11, the principal bench of the tribunal had reserved its order after hearing all the sides.</p>.<p class="bodytext">The Committee of Creditors (CoC) had approved Rs 32,500 crore deal along with 12.27% equity in Bhushan Steel offered by Tata Steel.</p>.<p class="bodytext">However, some employees of Bhushan Steel had challenged it before NCLT contending that Tata Steel was not eligible under section 29 (A) of the Insolvency and Bankruptcy Code (IBC). </p>