TIL Desk/Business/New Delhi/The company law appellate tribunal today asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month. The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acquisition filed by Bhushan Steel’s founding Singal family and the firm’s operational creditor Larsen and Toubro, asked Tata Steel to submit a statement of statutory dues of the company.
The two member bench headed by NCLAT Chairman, Justice S J Mukhopadhaya also asked the Resolution Professional, which oversaw the auction of Bhushan Steel, to state how much would L&T get from Rs 532 crore offered to all the operational creditors.
Bhushan Steel owed its lenders about Rs 56,000 crore and was among the 12 big loan defaulters identified by the Reserve Bank of India last year to undergo insolvency under the new bankruptcy law. Tata Steel offered Rs 35,200 crore in cash to acquire Bhushan Steel. It would pay another Rs 1,200 crore over next 12 months to creditors and convert the remaining debt owed to banks to equity.
