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Home/ Cases/ Steel & Metals/ Bhushan Steel Ltd.
✓ Resolved — plan approved

Bhushan Steel Ltd.

Later renamed Tata Steel BSL Limited · MCA status: Amalgamated · MCA registry, as of Jun 2026

Corporate insolvency resolution — resolution plan approved · May 2018 · source: NCLT order, 15 May 2018

MCA industry: Business Services · listed public limited company · incorporated 1983 · 34 years old at admission

Sector Steel & Metals Bench NCLT New Delhi CIN L74899DL1983PLC014942 Admitted 26 Jul 2017 Initiated by FC — State Bank of India Last process activity 17 Jul 2026 · tribunal order
Acquired by
TATA Steel Limited
Named in the NCLT plan-approval order dated 15 May 2018. · read the order
Where the money went · admission → plan approval
Admitted claims₹57,505.05 Cr
Liquidation value₹14,541.00 Cr
Published plan realisable₹36,771.32 Cr
Haircut to creditors: 36.06% Recovery vs liquidation value: 252.9% — plan beat the liquidation floor In plain terms: the published plan figure provides about 64 paise per ₹1 of admitted claims
Admitted Claims
₹57,505.05Cr
#1 of 170 in sector by size
Published plan realisable
₹36,771.32Cr
to claimants
Haircut
36.06%
sector typical 82.0%
Rec vs LV
252.9%
sector typical 121.3%
CIRP Duration
10 mo
sector typical 1y 6mo
Beat liquidation?
Yes
78% of sector did

Intelligence note

Admitted 26 Jul 2017 by the New Delhi bench on a petition by State Bank of India (a financial creditor). Plan from TATA Steel Limited approved 15 May 2018, 293 days after admission (resolved-case median: 630 days). Creditors realise 63.94% of ₹57,505.05 Cr admitted; haircut 36.1% (median 78.0% across resolutions). That is 252.9% of liquidation value (₹14,541.00 Cr), better than a break-up sale.

Implemented 18 May 2018 through Bamnipal Steel, a Tata Steel subsidiary; NCLAT dismissed the challenges to the approval on 10 Aug 2018. On 17 Jul 2026 the Supreme Court held that pre-insolvency claims left out of an approved plan are extinguished (2026 INSC 717).

Claims at a glance

full split →
FC 97%
OC 3%
Total admitted ₹57,505.05 Cr

Case details

CIN
L74899DL1983PLC014942
Incorporated
1983
Registered State
Delhi
NCLT Bench
New Delhi
Petition
CP (IB) -201(PB)/2017
Initiated by
FC — State Bank of India
Commencement
26 Jul 2017
Outcome Date
15 May 2018
Admitted Claims
₹57,505.05 Cr
Liquidation Value
₹14,541.00 Cr
Realisable Amount
₹36,771.32 Cr
Recovery vs Claims
63.94%
Recovery vs LV
252.9%

NCLT New Delhi: median 522 days admission → verdict · 35% of concluded matters ended in plan approval (n=788, full record) · all benches →

Plan at a glance

from the plan-approval order of 15 May 2018
The deal
₹35,200 crores upfront to financial creditors plus 12.27% to 13.43% of the equity; ₹1,200 crores to operational creditors
Winning plan
Tata Steel Limited, with 99.80% (later 100%) of the CoC vote
Also in the race: JSW Living Private Limited (plan submitted), Bhushan Employees (group led by Mr. Rahul Sengupta, Former Executive Director) (ineligible under s.29A)
Shares
Financial Creditors get equity besides upfront cash: 12.27% or 13.43% of the shares, depending on how SEBI treats the erstwhile promoter group.
Payout period
₹1,200 crores to Operational Creditors (other than Employees, Workmen and Related Parties) to be paid over a period of one year post completion of transaction
Who gets what (₹ crore)
Admitted Provided in the plan % of admitted
Financial creditors – 35,200.00 plus equity –
Operational and other creditors 1,391.79 1,200.27 86.2%
All creditors – 36,400.27 –

Recent movement

full timeline →
26 Feb 2019
Dismissed with cost
NCLT order · C P IB NO 801 ND 2018 read the order ↗
7 Mar 2022
NCLAT appeal
16 Apr 2024
Other court order
8 Jan 2025
Allowed
Other court order read the order ↗
17 Jul 2026
Tata Steel's appeals allowed; claims left out of the plan extinguished
Supreme Court order read the order ↗

Valuations & recovery

Reg 35 valuations vs outcome
Liquidation value
₹14,541.00 Cr
Recovery vs liquidation value
252.9%

The plan

from the NCLT plan-approval order
Successful applicant
TATA Steel Limited
CoC approval
100% voting share · voted 22 Mar 2018
How the plan pays
·NCLT approved the plan on 15 May 2018: ₹35,200 Cr upfront to financial creditors plus 12.27% or 13.43% of the equity, and ₹1,200 Cr to operational creditors. PIB put realisations at ₹36,771 Cr of ₹57,505 Cr admitted (63.94%). Tata Steel acquired it via Bamnipal Steel.

Case timeline

26 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT New Delhi
26 Jul 2017
IRP
24 Aug 2017
RP
15 May 2018
Resolution plan approved
Acquired by TATA Steel Limited
Haircut 36.06%
4 further events in between
24 Oct 2018
NCLT order
IB 801 ND 2018 read the order ↗
26 Feb 2019
NCLT order
26 Feb 2019
Dismissed with cost
NCLT order · C P IB NO 801 ND 2018 read the order ↗
29 Apr 2019
Dismissed
NCLAT appeal · 2 company applications decided read the order ↗
9 Jul 2019
NCLAT appeal
20 Jan 2020
Recovery suit stayed (interim order)
Supreme Court order read the order ↗
7 Mar 2022
NCLAT appeal
16 Apr 2024
Other court order
8 Jan 2025
Allowed
Other court order read the order ↗
17 Jul 2026
Tata Steel's appeals allowed; claims left out of the plan extinguished
Supreme Court order read the order ↗
10 months elapsed · admission → resolution

Company

MCA master · as on 12 Jun 2026
Legal name
TATA STEEL BSL LIMITED
Type
Public · Company limited by shares
Listing
Listed
Incorporated
7 Jan 1983
Authorised capital
₹33,520.00 Cr
Paid-up capital
₹19,918.69 Cr
Industry (MCA)
Business Services
ROC
ROC Delhi
Company status
Amalgamated
Registered address
Ground Floor, Mira Corporate Suites Plot NO 1 & 2, Ishwar Nagar, Mathura Roa, D, New Delhi, South Delhi, Delhi, 110065, India

Claims profile

creditor-class split
Admitted claims by creditor class
FC 97%
OC 3%
CLASS
ADMITTED
Financial creditors
₹56,022.06 Cr
Operational creditors
₹1,482.99 Cr
Total
₹57,505.05 Cr

Committee of creditors

As recorded in the plan-approval order of 15 May 2018
CreditorClassVoting shareVoteAdmitted
IndusInd BankFinancial creditorfor
Tata Capital Financial Services LimitedFinancial creditorfor
ING Bank NVFinancial creditorfor
TSL's plan initially won 99.80%; lenders who could not vote then sent affirmative votes, taking final CoC backing to 100%.
Dissenting creditors: Dissenting financial creditors receive liquidation value in priority to assenting financial creditors, with specific funding sources identified.
Sources, basis and disclaimers → ·
report an error
This case vs Steel & Metals
Haircut36.1%
typical for this sector 82.0%
Recovery vs liquidation value252.9%
typical for this sector 121.3%
78% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution293 days
typical for this sector 553 days
Size rank in sector#1 of 170
Key parties
Resolution Professional
20 IBBI mandates · 5 of 8 resolved plans beat the liquidation floor
IRP at commencement
VijayKumar V Iyer → · Jul 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
State Bank of India FC
Resolution applicant
TATA Steel Limited

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