The National Company Law Appellate Tribunal has posted the next hearing in the Bhushan Power and Steel case to November 1 as Tata Steel objected to JSW Steel being declared as the winning bidder for the stressed asset.
In a hearing on Monday, Tata Steel alleged that Committee of Creditors was being biased in favour of JSW Steel even though the company has not revised its offer after providing four opportunities.
However, CoC said the NCLAT should dismiss Tata Steel plea and allow the CoC to proceed with its decision. CoC finally submitted its decision on top bidder in a sealed cover before the NCLAT.
On November 1, NCLAT will decide whether to forward the CoC decision to NCLT for approval. Last week, CoC selected JSW Steel as highest bidder for Bhushan Power ahead of Liberty House and Tata Steel.
Initially, CoC had orally announced Tata Steel’s bid of ₹17,000 crore as the highest bid ahead of JSW Steel’s ₹11,500 crore.
However, Liberty House came in after deadline with a bid of ₹18,500 crore and snatched the asset from Tata Steel. Later, JSW surprised the other two contestants by placing a revised offer of ₹19,700 crore on August 13 and obtained the CoC approval for the same.