Bhushan Power bid deadline extended

Mumbai: The National Company Law Appellate Tribunal (NCLAT) on Monday extended the deadline for submission of bids for the beleaguered Bhushan Power & Steel by a week. The appellate authority set the deadline as August 13 following a plea by Tata Steel, one of the bidders for Bhushan Power. Otherwise, contenders were supposed to submit their bids by August 6.

Tata Steel had sought the deadline extension as the SC will hear its petition on August 10 regarding the NCLAT’s previous decision of calling for fresh bids for Bhushan Power.

Tata Steel had emerged as the preferred bidder for Bhushan Power on two occasions. But before Tata Steel’s bid could be put to vote by the creditors of Bhushan Power, JSW Steel, another contender, revised its offer. JSW Steel’s over Rs 18,500-crore proposal was higher than Tata Steel’s Rs 17,000 crore and Liberty Group’s Rs 18,500 crore, respectively.

Moreover, Tata Steel argued that if Bhushan Power’s creditors take a decision based on the fresh offers, then its position may be altered. Bhushan Power owes over Rs 48,500 crore to lenders and is the second bankrupt company for which Tata Steel has made a bid. Earlier, the metals flagship of the Tata Group had acquired Bhushan Steel.