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Tata Steel moves to NCLAT over Liberty House bid for Bushan Power & Steel-The 19th China (Guangzhou ) Int’l Casting product Exhibition
5/10/2018 铸件展-casting expo-Die-casting expo-foundry expo |
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Financial Express reported that Tata Steel on Tuesday moved the National Company Law Appellate Tribunal (NCLAT) challenging an April 23 order of the National Company Law Tribunal which directed the committee of creditors (CoC) to consider the late bid submitted by UK-based Liberty House for Bhushan Power and Steel. NCLAT has listed the matter for hearing on Wednesday.
Apart from Tata Steel, JSW Steel was the only bidder which had submitted a bid for the loss-making steelmaker before the deadline ended on February 8. Liberty House placed its bid for the company only on February 20 and the resolution professional Mahender Khandelwal had rejected it on the ground it had been submitted after the deadline.
Liberty House challenged the RP’s decision taking the matter to the Principal Bench of NCLT, New Delhi. The NCLT observed the bid by Liberty House could not be disqualified only on the grounds it had been submitted after the deadline.
Tata Steel’s counsel had earlier argued in the tribunal that Liberty House was, with a view to gaining an unfair advantage over other bidders including TSL, submitting its bid after the other bids had been opened and material information regarding these had been reported in the press.
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