Creditors reject Liberty House bid for Bhushan Power and Steel

Creditors reject Liberty House bid for Bhushan Power and Steel
22/02/2018 , by , in ALLIED

The Committee of Creditors has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel Ltd, leaving Tata Steel and JSW Steel in the race for taking over the assets of the bankrupt firm, a source said.

“Committee of creditors (COC) in a meeting today has rejected the bids of Liberty House (of the UK) because the company submitted the bids after the last date of submission date which was February 8,” a source privy to the development said.
Liberty House had submitted the bid yesterday, he said.

In today’s COC meeting the bids of Tata Steel and JSW Steel were disclosed and now the process as well as legal advisors evaluate them, the source said.

The detailed terms and conditions of the bids were disclosed to the lenders at the meeting, the source said. Bhushan Power and Steel owes about Rs 45,000 crore to its lenders.

 

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