One of the country’s biggest bankruptcies to go under the hammer is finally moving towards closure. Yesterday, Tata Steel said that “it has received a formal communication from the resolution professional [RP] of Bhushan Steel Ltd that it has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake” of the beleaguered company under the Insolvency and Bankruptcy Code 2016. The company statement added that the Committee of Creditors (CoC) of Bhushan Steel had taken the decision at a meeting on March 6, and the next steps will be as per the stipulations under the Corporate Insolvency Resolution Process. The advisors to the CoC and the RP are currently in discussions with Tata Steel on the resol…
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