The National Company Law Tribunal (NCLT) has given approval to Tata Steel’s bid for Bhushan Steel.

The tribunal has rejected a plea filed by the employees of Bhushan Steel, opposing Tata Steel’s bid and imposed a fine of Rs 1 lakh. It has also rejected Bhushan Energy’s plea to continue its power purchase agreement with Bhushan Steel.

The Committee of Creditors (CoC) had given approval to Rs.32,500 crore deal along with 12.27% equity in Bhushan Steel offered by Tata Steel. However, some employees of Bhushan Steel had challenged it before NCLT, claiming that Tata Steel was not eligible under section 29 (A) of the Insolvency and Bankruptcy Code (IBC).

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