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.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Jul 12, 2018 16:40:17 IST