Bhushan Steel, BSPL’s resolution professionals to meet creditors

Bhushan Steel, BSPL’s resolution professionals to meet creditors
17/02/2018 , by , in ALLIED

Resolution professionals of Bhushan Steel Ltd and Bhushan Power and Steel Ltd (BPSL) are likely to meet creditors of the bankrupt firms tomorrow, according to a source. The resolution professionals and the respective Committee of Creditors of the debt-laden firms will evaluate the bids and review the resolution plans submitted by the bidders, the source added.

According to reports, Indian-origin businessman Sanjeev Gupta-led Liberty House is considering bidding for assets of both the firms. After this, there will be a final meeting in the second half of next week where a decision is expected to be taken, the source added.

One of the bidders said it is “surprised to see a foreign company trying to enter the (bid) process even after the biddings have been closed.”The source also said “rebidding for the assets can also be discussed. They (Liberty) are saying lenders have allowed them to bid.”The last date for bidding for Bhushan Steel was February 3, while that for Bhushan Power and Steel was February 8.JSW Steel and Tata Steel have submitted bids for both the firms.

Bhushan Steel and Bhushan Power were among the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings and owe an amount of Rs 44,478 crore and 38,248 crore to their lenders.The insolvency process was filed by State Bank of India (SBI), the lead bank of the consortium of lenders, in the case of Bhushan Steel while a similar plea was filed by Punjab National Bank (PNB) against Bhushan Steel and Power.

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