Tata Steel has received a formal communication from the Resolution Professional of Bhushan Steel (BSL) that it has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC), as decided in the meeting of the Committee of Creditors (CoC) of BSL on March 6, 2018.
The advisors to the CoC and Resolution Professional of BSL are currently in discussions with Tata Steel on the resolution plan. The next steps in the process will be as per the stipulations under the CIRP of the IBC.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
