Tata Steel has been announced as the successful resolution applicant by the Committee of Creditors (CoC), of Bhushan Steel Limited‘s (BSL)  stressed asset which was put for auction, under the Insolvency and Bankruptcy Code.

The latest announcement is subject to the Tata company obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India.

The company stated, “Tata Steel has accepted the Letter of Intent for BSL under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC),”

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