Tata Steelfurther asserted that all necessary approvals such as that of Competition Commission of India and NCLT have been received. The consideration has been completed and the amount was in form of cash.
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Settlements of the amounts equivalent to Rs 35,200 crore towards financial creditors of Bhushan Steel is being undertaken as per the terms of resolution plan as approved by the NCLTon May 15, announced Tata Steel on Friday.
Bhushan Steel is a listed entity having a crude steel capacity of around 5.6 million tons along with downstream facilities of cold rolled products of around 2 mtpa. The company has its upstream facilities in Meramandali, Odisha and downstream facilities in Khopoli, Maharashtra and Sahibabad, Uttar Pradesh. The turnover for Fiscal 2017 is Rs 15,099 crore. The company was admitted under Corporate Insolvency Resolution Process on July 26, 2017 as per the Insolvency and Bankruptcy Code, 2016.