The insolvency professional appointed for Bhushan Steel has deferred the decision to open the financial bid placed by JSW Steel, Tata Steel and group of Bhushan Steel employees on Tuesday.
The resolution professional was asking the bidder companies to explain their resolution plan and the reasons on why they think the plan will succeed, said sources.
JSW Steel was also asked to explain the logic behind tying up with Ajay Piramal-owned Piramal Enterprises for acquiring Bhushan Steel. The bids placed by a group of 500 employees of Bhushan Steel may be rejected as they have not placed the bank guarantee, said another source privy to the development.
JSW Steel has agreed to repay 28,000 crore debt while Tata Steel has placed bids of 24,000 c…
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