The National Company Law Appellate Tribunal (NCLAT) on Friday said Tata Steel Ltd and Vedanta Ltd were eligible to bid for Bhushan Steel Ltd and Electrosteel Steels Ltd, respectively. The two-judge NCLAT Bench, headed by Justice S.J. Mukhopadhyay rejected pleas by Bhushan Steel founder Neeraj Singal and the firm’s operational creditor Larsen & Toubro Ltd, and ruled that Tata Steel was eligible to bid for the debt-ridden company.
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