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NCLAT asks Bhushan Power & Steel CoC to consider Liberty House bid-The 19th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
5/11/2018 压铸展-铸造展- Die-casting expo-foundry expo |
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PTI reported that the National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the creditors of debt-laden Bhushan Power and Steel Ltd to consider the bid submitted by UK-based Liberty House. The two member bench of the appellate tribunal, headed by Chairman Justice S J Mukhopadhaya, also directed the CoC not to disclose its outcome till 24 May, the next date of hearing. The CoC, it added, must support with a reason as to why it has selected or rejected the plan.
Tata Steel, a BPSL bidder said to be leading the race, had yesterday moved the plea challenging the NCLT (National Company Law Tribunal) ruling allowing the Committee of Creditors (CoC) to consider the resolution plan submitted by Liberty House.
Tata Steel has challenged the 23 April, 2018 order, passed by NCLT, which asked the BPSL lenders led by Punjab National Bank to consider the bid submitted by Liberty House.
Tata Steel was believed to be the highest bidder for BPSL. The CoC had not accepted the bid of Liberty House on account of late submission. This was challenged by Liberty House before NCLT, which had allowed the plea and directed the CoC to complete its resolution proceedings by 23 June.
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