A trainee learns grinding at L & T Construction Skills Training Institute in Panvel, India. (Photographer: Adeel Halim/Bloomberg)  

L&T Moves NCLT Seeking Dues From Bhushan Steel On Priority

Larsen & Toubro Ltd. today moved the National Company Law Tribunal seeking higher priority in getting its dues from debt-laden Bhushan Steel Ltd. which is undergoing insolvency proceedings.

Counsels appearing for L&T submitted before the bench that the company owes it Rs 900 crore in dues for supply of capital goods. The engineering and construction major has asked the NCLT to acknowledge it as a secured creditor for Bhushan Steel.

The NCLT bench has asked the resolution professionals to share their stand on the matter.

The tribunal has listed L&T's plea in Bhushan Steel case on March 23.

Tata Steel yesterday said it has been identified as the highest bidder for acquiring the controlling stake in Bhushan Steel.

Besides, JSW Living Pvt Ltd. (a joint venture between JSW and Piramal Enterprises), and a consortium of the Bhushan Steel’s own employees had submitted bids to take over assets of the bankrupt firm.

The last day to submit bids was Feb. 3, 2018.

Tata Steel had said in yesterday's statement that it “has received a formal communication from the resolution professional of Bhushan Steel Ltd that it has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL under Corporate Insolvency Resolution Process of the IBC, as decided in the meeting of CoC of BSL on March 6”.