Tatas complete acquisition of controlling stake in Bhushan Steel via wholly-owned subsidiary Bamnipal Steel – Firstpost

New Delhi: Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 percent in Bhushan Steel Ltd (BSL). Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets…

Simplify individual insolvency resolution: IBBI must focus on building capacities of insolvency professionals – Financial Express

The legislature might come up with a new structure by adding more DRT benches and revisiting provisions relating to individual insolvency. Although liquidation and bankruptcy seem to be similar words, bankruptcy of a company is not the same thing as winding up. Indian laws do not define bankruptcy. The Companies Act, 1956, contained provisions for…

National Company Law Appellate Tribunal to hear Bhushan Steel promoter’s plea against Tata Steel takeover – The New Indian Express

By PTI NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) will next week hear Bhushan Steel promotor Neeraj Singal’s plea against acquisition of the company by Tata Steel. Singal has sought a stay on the National Company Law Tribunal (NCLT) order approving Tata Steel’s bid for the debt-ridden Bhushan Steel under corporate insolvency resolution…