NCLAT turns down Tata's plea to bid for Bhushan Power and Steel

摘要

The national company law appellate tribunal has turned down a plea by Tata Steel to consider its bid for bankrupt Bhushan Power and Steel as the most legitimate bid for the company at a ruling on Monday. The tribunal's chief, Justice SJ Mukhopadhaya ruled that Tata's plea was "premature" and "unmaintainable" and upheld the right of the committee of creditors to update, amend, modify or annul resolution plans with respect to conditions outlined in a process document.