Lenders of insolvent Bhushan Power & Steel (BPSL) have chosen the Rs 197-billion bid of JSW Steel. The committee of creditors (CoC) voted by a 66.6 per cent majority in its favour.
Tata Steel and Liberty House were also in the race to acquire the company after the National Company Law Appellate Tribunal (NCLAT) on August 6 permitted the three to file additional unconditional resolution plans.
The Tatas had bid about Rs 170 billion. (They have already won the race of Bhushan Steel.) Liberty House offered to enter the race at a late stage, but this was challenged by Tata Steel.
Since JSW Steels bid got the bare minimum number of votes, now the National Company Law Tribunal will …
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