The National Company Law Appellate Tribunal (NCLAT) on Thursday said it will hear on May 21 Bhushan Steel promoter Neeraj Singal’s plea challenging the insolvency court’s order that approved Tata Steel’s resolution plan for the bankrupt firm. In the petition, which was just mentioned before the tribunal but not heard, Singal also appealed that status quo over transfer of the company’s shareholding should be maintained.
The NCLAT bench headed by chairman Justice SJ Mukhopadhaya, however, said the matter would be heard only on Monday, since its approval was not taken before the matter’s inclusion in the cause list.
The National Company Law Tribunal (NCLT) had on May 15 approved Tata Steel’s resolution plan for Bhushan Steel which has a 5.6 million tonne per annum steel-making capacity.
Singal, the aggrieved promoter, had 22% stake in the company, as on March 2018. Along with Neeraj, the Singal family had a cumulative 43.9% shareholding in the firm, while the remaining was with the public.
Bhushan Steel was admitted by the insolvency court on July 26 last year under section 7 of the Insolvency and Bankruptcy Code (IBC) on State Bank of India’s plea.