The NCLAT today asked Tata Steel to file a response to an appeal filed against the NCLT order approving its resolution plan submitted for Bhushan Steel..Of the two resolution applicants for Bhushan Steel, Tata Steel emerged as the winning bidder. This is also the first successful resolution that was completed from the Reserve Bank of India’s first list of 12 cases which it had referred to the NCLT for resolution under provisions of the Insolvency and Bankruptcy Code, 2016..The appeal before the NCLAT has been filed by Bhushan Steel promoter Neeraj Singhal challenging the eligibility of Tata Steel under Section 29A. The eligibility of Tata Steel was also challenged by the employees of Bhushan Steel while the resolution plan was submitted to the NCLT for its approval. The challenge was, however, struck down..Singhal tried to obtain a status-quo to the date of the NCLT order approving the resolution plan but the NCLAT refused to do so. The NCLAT said it will only conduct further hearings on the question of eligibility of Tata Steel under Section 29A. While Singhal sought to obtain a copy of the resolution plan as well, the NCLAT refused to order in his favour. Although, the NCLAT has asked Tata Steel to submit details of how the resolution plan treats and deals with payments to be made to all creditors..The NCLAT has issued notice to the resolution professional, a committee of creditors and Tata Steel, asking them to file their replies within seven days..The matter has now been listed for May 30, 2018..Advocate UK Chaudhary appeared for Neeraj Singhal..AZB & Partners is representing Tata Steel and the team is led by Partners Vijayendra Pratap Singh and Anindita Roychowdhury along with Senior Associate Aditya Jalan and Associates Priyank Ladoia and Aman Sharma. Karanjawala & Co. is also assisting in the proceedings through a team led by Senior Partner Ruby Ahuja along with Senior Associates Tahira Karanjawala and Utsav Trivedi with support from Sahil Monga..Resolution Professional is represented by Luthra & Luthra led by Partner Manmeet Singh..Shardul Amarchand Mangaldas is advising COC with a team led by Partner Misha and Associates Vaijayant Paliwal and Ranjeev Khatana.
The NCLAT today asked Tata Steel to file a response to an appeal filed against the NCLT order approving its resolution plan submitted for Bhushan Steel..Of the two resolution applicants for Bhushan Steel, Tata Steel emerged as the winning bidder. This is also the first successful resolution that was completed from the Reserve Bank of India’s first list of 12 cases which it had referred to the NCLT for resolution under provisions of the Insolvency and Bankruptcy Code, 2016..The appeal before the NCLAT has been filed by Bhushan Steel promoter Neeraj Singhal challenging the eligibility of Tata Steel under Section 29A. The eligibility of Tata Steel was also challenged by the employees of Bhushan Steel while the resolution plan was submitted to the NCLT for its approval. The challenge was, however, struck down..Singhal tried to obtain a status-quo to the date of the NCLT order approving the resolution plan but the NCLAT refused to do so. The NCLAT said it will only conduct further hearings on the question of eligibility of Tata Steel under Section 29A. While Singhal sought to obtain a copy of the resolution plan as well, the NCLAT refused to order in his favour. Although, the NCLAT has asked Tata Steel to submit details of how the resolution plan treats and deals with payments to be made to all creditors..The NCLAT has issued notice to the resolution professional, a committee of creditors and Tata Steel, asking them to file their replies within seven days..The matter has now been listed for May 30, 2018..Advocate UK Chaudhary appeared for Neeraj Singhal..AZB & Partners is representing Tata Steel and the team is led by Partners Vijayendra Pratap Singh and Anindita Roychowdhury along with Senior Associate Aditya Jalan and Associates Priyank Ladoia and Aman Sharma. Karanjawala & Co. is also assisting in the proceedings through a team led by Senior Partner Ruby Ahuja along with Senior Associates Tahira Karanjawala and Utsav Trivedi with support from Sahil Monga..Resolution Professional is represented by Luthra & Luthra led by Partner Manmeet Singh..Shardul Amarchand Mangaldas is advising COC with a team led by Partner Misha and Associates Vaijayant Paliwal and Ranjeev Khatana.
