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Tata Steel pockets Rs 5,000 cr profit during insolvency case of Bhushan Steel
Tata Steel pockets Rs 5,000 cr profit during insolvency case of Bhushan Steel
October 03, 2019
Tata Steel has walked away with a profit of ₹5,000 crore made by Bhushan Steel during the insolvency period stretching over 18 months.
This contrasts with the National Company Law Tribunal (NCLT) ruling that the profit made by Bhushan Power and Steel during the insolvency period belongs to the financial and operational creditors.
JSW Steel moves NCLAT
JSW Steel, the winning bidder of Bhushan Power, has moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT’s order. As of May 18, the current assets of Bhushan Steel were ₹7,909 crore, while its current liabilities were ₹2,742 crore. Therefore, the net current assets bagged by Tata Steel after the insolvency proceeding were ₹5,168 crore.
Tata Steel pockets Rs 5,000 cr profit during insolvency case of Bhushan Steel
October 03, 2019
Tata Steel has walked away with a profit of ₹5,000 crore made by Bhushan Steel during the insolvency period stretching over 18 months.
This contrasts with the National Company Law Tribunal (NCLT) ruling that the profit made by Bhushan Power and Steel during the insolvency period belongs to the financial and operational creditors.
JSW Steel moves NCLAT
JSW Steel, the winning bidder of Bhushan Power, has moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT’s order. As of May 18, the current assets of Bhushan Steel were ₹7,909 crore, while its current liabilities were ₹2,742 crore. Therefore, the net current assets bagged by Tata Steel after the insolvency proceeding were ₹5,168 crore.