L&T moves tribunal to recover ₹900 crore from Bhushan Steel

Bhushan Steel owes Rs900 crore to L&T for supply of certain capital goods

A Tata Steel sign is seen outside the Tata steelworks near Rotherham, Britain, March 30, 2016.

Shares of beleaguered steel firm Bhushan Steel, now undergoing bankruptcy proceedings, got a shot in the arm on Thursday when it became clear the country's leading steel maker Tata Steel has emerged as the highest bidder.

JSW Living, a joint venture between JSW and Piramal Enterprises, the other contender for Bhushan Steel had bid for ₹28,000 crore, while about 500 employees of Bhushan Steel had come together and placed a resolution plan, but it was not considered as it did not meet the requirement. Reacting to the news, Bhushan Steel's share price had spiked 12 percent since closing price yesterday, but is now headed downward again. With an annual capacity of 5.6 million tonnes, its website claims that it is the third largest secondary steel producer in the country. It also supplies steel for producing consumer goods such as refrigerators and washing machines.

Tata Steel has been identified as the highest resolution applicant to acquire controlling stake of Bhushan Steel, which was undergoing insolvency proceedings.

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Tata's access to iron ore mines also puts it in a much better position to turn around Bhushan Steel's unit.

While Tata Steel did not disclose the final purchase price or the transaction's terms and conditions, Moody's said nevertheless, based on media reports, the purchase price could result in a haircut of around 25% for the lenders to Bhushan Steel. The company informed the exchanges that it has received formal communication from the resolution professional of Bhushan Steel.

Appearing for L&T, lawyer Mukul Rohatgi asked NCLT to declare its position as a "secured creditor", rather than an "operational creditor" under the Insolvency and Bankruptcy Code, to move up the priority ladder in the corporate insolvency resolution process. Bhushan Steel owes Rs. 45,000 crore to the banks.