Tata SteelNSE 1.70 % has submitted a revised bid for Bhushan Power & Steel on Monday evening after the Supreme Court rejected their plea to stay a directive from higher bankruptcy court which last week allowed lenders to accept fresh bids from all applicants.
“We have received a revised bid from Tata Steel this evening in a sealed envelope while JSW Steel has already made a revised offer this morning,” said a senior officials who did not want to be named. “We are informed that Liberty House will submit a bid late night today,” he added.
It is not known how much Tata’s have offered in the revised bid. They had earlier offered Rs 17000 crore to lenders.
The committee of creditors will review all the three offers on Tuesday and inform the higher bench of bankruptcy court about preferred bidder on August 16.
Soon after lenders informed Tata Steel that they are higher bidder for Bhushan Power, JSW Steel gave a revised offer of RS 18000 crore to the resolution professional. JSW Steel had earlier offered Rs 11000 crore was declared second higher bidder.
On receiving JSW Steel offer lenders decided to invite all three applicants to submit a revised bid. In response to this, Tata’s moved the higher bankruptcy court – NCLAT National Company Law Appellate Tribunal – which permitted lenders to accept revised bids. Tata’s moved the Supreme Court against the NCLAT order, who also refused to stay the order.
Sanjay Singal-promoted Bhushan Power & Steel is among the 12 companies that the Reserve bank of India (RBI) had directed banks to refer to the bankruptcy court. It faces claims of Rs 49,264 crore from financial creditors.
Source: Economic Times