New Delhi : Tata Steel on Friday moved the Supreme Court against the order of the National Company Law Appellate Tribunal that allowed bidders to revise their bids for Bhushan Power and Steel.
Despite Tata Steel’s request for an early hearing, the court today said the case will be next heard on August 10. The National Company Law Appellate Tribunal on Wednesday allowed three existing bidders–Tata Steel, JSW Steel and UK-based Liberty House–to submit revised bids for the beleaguered steel maker by August 6.
The appellate tribunal bench headed by Justice J. Mukhopadhaya had asked the committee of creditors to consider the revised bids for the company and take a call, but not reveal the decision. According to media reports JSW Steel has revised its offer from Rs 11,000 crore to Rs 18,000 crore, whereas Tata Steel’s offer stands at Rs 17,000 crore. Bhushan Power is among the 12 large non-performing accounts which the Reserve Bank of India had asked the banks to take to the National Company Law Tribunal for resolution under insolvency code. Bhushan Power owes around Rs 45,000 crore to its lenders.
Tatat Motors to bid adieu to Nano
MUMBAI: A decade after Tata Motors first showcased the Nano at the 9th Auto Expo in January 2008, the company is set to officially announce plans to discontinue its small car. Sales of the Nano, which was dubbed the ‘world’s cheapest car’, have dipped sharply in the past year. Tata Motors sold just 65 units of the model in April-June 2018 – down 92 percent from the 872 units sold in the same period of the previous year.