2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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NCLT
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NCDRC
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CESTAT
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SEBI
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Detailed explanation-1: -The announcement came after the National Company Law Tribunal (NCLT) approved the resolution plan of Tata Steel to acquire Bhushan Energy for around ₹800 crore.
Detailed explanation-2: -Tata Steel Ltd. (TSL) acquired Bhushan Steel Ltd under Insolvency and Bankruptcy Code (IBC), 2016 in the year 2018 and named as Tata Bhushan Steel Ltd. (TBSL). Further TBSL got merged with Tata Steel in 2019, a year after acquisitions.
Detailed explanation-3: -Tata Steel has taken a controlling stake of 72.65% in BSL and paid the admitted corporate insolvency costs and employee dues, as required under IBC. Bhushan steel was one of the few resolved amongst 12 companies recommended by RBI under Insolvency and Bankruptcy Code.
Detailed explanation-4: -BNPL’s investment in BSL was achieved through a combination of equity of Rs 158.89 crore and a inter-corporate loan of Rs 34,973.69 crore. The acquisition was financed through an external bridge loan of Rs 16,500 crore taken by BNPL and investment by Tata Steel in BNPL.