Tata Steel raises concerns over power theft in Bhushan Power’s plant

Tata Steel has raised concerns over power theft in Bhushan Power and Steel’s plant at Jharsuguda in Odisha.

Sources say that Tata Steel had mentioned this in one of the committee of creditors meetings. Some service providers to Bhushan Power and Steel have also found theft in the plant during the moratorium period and plan to move the National Company Law Tribunal (NCLT) on the issue, said the sources.

An email sent to Tata Steel and the resolution professional of Bhushan Power and Steel went unanswered. Tata Steel has emerged as the highest bidder to take over the beleaguered Bhushan Power and Steel through insolvency process. Others in the race were Liberty House and JSW Steel.

While Tata Steel and JSW had submitted their bids within the stipulated time, Liberty House submitted its bid after.[Business Standard]