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India's Tata Steel recently issued an announcement that Tata Steel has been declared by the Creditors Commission (CoC) as a successful resolution applicant
for Prosor Steel.
The settlement finalized by creditors now needs to be approved
by the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI).
That said, Tata Steel has become the top bidder for debt-laden steel, surpassing JSW Steel, but this is pending approval
.
Pushaw Steel owes creditors about 440 billion rupees (about 44 billion yuan).
According to the resolution, Tata Steel provided about 3,480 rupees (about 34.
8 billion yuan) of upfront cash to financial creditors and 12,000 billion rupees (about 12 billion yuan)
to operating creditors.
Even if the steel company's settlement is already completed by the CoC, the pending case against Kolkata's NCLT company could create a barrier
to its bid.
Tata Steel also participated in the tender
for electric steel company Electrosteel Steels.
However, its bid was challenged
by Renaissance Steel India, led by Abhishek Dalmia.
According to the defence raised by Renaissance Steel, Tata Steel did not meet the bidder's requirements under bankruptcy and bankruptcy regulations as the company had several criminal cases
against the company in the UK.
The petition alleges that Tata Steel UK Limited faces multiple prosecutions and has repeatedly admitted to breaching UK health and safety laws
.
India's Tata Steel recently issued an announcement that Tata Steel has been declared by the Creditors Commission (CoC) as a successful resolution applicant
for Prosor Steel.
The settlement finalized by creditors now needs to be approved
by the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI).
That said, Tata Steel has become the top bidder for debt-laden steel, surpassing JSW Steel, but this is pending approval
.
Pushaw Steel owes creditors about 440 billion rupees (about 44 billion yuan).
According to the resolution, Tata Steel provided about 3,480 rupees (about 34.
8 billion yuan) of upfront cash to financial creditors and 12,000 billion rupees (about 12 billion yuan)
to operating creditors.
Even if the steel company's settlement is already completed by the CoC, the pending case against Kolkata's NCLT company could create a barrier
to its bid.
Tata Steel also participated in the tender
for electric steel company Electrosteel Steels.
However, its bid was challenged
by Renaissance Steel India, led by Abhishek Dalmia.
According to the defence raised by Renaissance Steel, Tata Steel did not meet the bidder's requirements under bankruptcy and bankruptcy regulations as the company had several criminal cases
against the company in the UK.
The petition alleges that Tata Steel UK Limited faces multiple prosecutions and has repeatedly admitted to breaching UK health and safety laws
.
