No second round of bidding for Bhushan Power and Steel

No second round of bidding for Bhushan Power and Steel
26/05/2018 , by , in ALLIED

NCLAT (The National Company Law Appellate Tribunal) refused to a second round of bidding for Bhushan Power and Steel Ltd, following a “suggestion” by the committee of creditors (CoC) of the debt-laden company.

Headed by Justice S.J. Mukhopadhyay, the two-judge NCLAT bench, heard the appeal moved by Tata Steel Ltd against a National Company Law Tribunal (NCLT) order directing the CoC to consider UK-based Liberty House’s resolution plan. The Tata Steel is in the race of acquiring Bhushan Power and Steel, which would bring more strength to the company.

The case will be next heard on 12 July and the resolution period for the company ends on 23 June. Bhushan Power and Steel owes over Rs48,500 crore to a consortium of lenders led by Punjab National Bank and is one of the 12 large companies identified by the Reserve Bank of India for early insolvency resolution.

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