NCLAT rejects UK-based Liberty House's plea to stay resolution process of Bhushan Power & Steel
A two-member bench of the appellate tribunal, headed by Chairman Justice S J Mukhopadhaya, directed the committee of creditors (CoC) to go ahead with the resolution process of Bhushan Power & Steel
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday turned down the plea of UK-based Liberty House to stay the resolution process of Bhushan Power and Steel.
A two-member bench of the appellate tribunal, headed by Chairman Justice S J Mukhopadhaya, directed the committee of creditors (CoC) to go ahead with the resolution process.
At present, the lenders of Bhushan Power and Steel (BPSL) are in the process of finalising the bids.
Earlier, lenders of BPSL had rejected the resolution plan submitted by Liberty House citing delay, following which the UK-based group had moved the National Company Law Tribunal (NCLT).
The NCLT had on 23 April directed BPSL's lenders, led by PNB, to consider the bid submitted by Liberty House.
This order was later challenged by Tata Steel, another resolution applicant of BPSL, before NCLAT.
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The NCLAT last month had vacated its stay and asked the CoC to consider resolution plans submitted by three firms -- Tata Steel, Liberty House and JSW Steel.
UK-based Liberty House on Monday approached the National Company Law Appellate Tribunal (NCLAT) against the committee of creditors and resolution professional of Bhushan Power & Steel seeking information on the bid finalisation process of the firm
NCLAT extends deadline for submission of revised bids for Bhushan Power & Steel on plea of Tata Steel
Bhushan Power and Steel was among the 12 non-performing accounts referred by RBI for NCLT proceedings.