L& T demands more funds from Bhushan Steel

Mumbai Mar 9: Recently a Major scam has erupted and currently many companies are facing heat as they may be soon arrested for not paying the loans taken from the bank so in order to escape them many companies are running towards Bankruptcy court so that they can escape from the debt crisis.

Recently L&T has moved the National Corporate Law Tribunal seeking its Rs 9 billion back from Bhushan Steel and said that it was an operational creditor of Bhushan Steel.Currently, Bhushan is facing the Insolvency and Bankruptcy Code proceedings filed by Indian Banks after it failed to repay its debt worth Rs 470 billion.

The Company has said that "L&T said it should be acknowledged as a secured creditor for the supply of capital goods to the company's Odisha plant.Earlier Tata Steel has announced that it has emerged as the highest bidder for Bhushan Steel."

Currently, Bhushan Steel is one of 12 companies prepared by RBI which has sent for Insolvency proceedings which have defaulted the banks.