The National Company Law Appellate Tribunal (“NCLAT”) rejects Tata Steel Limited’s (“TSL”) plea to bid for Bhushan Power and Steel Limited (“BPSL”)
By INSOL INDIA EDITORIAL Posted On : February 20, 2019
In relation to the ongoing corporate insolvency resolution process (“CIRP”) against BPSL, TSL had filed an appeal before the NCLAT, seeking disqualification of the resolution plan submitted by Liberty House in relation to the CIRP of BPSL, on the grounds that the resolution plan submitted by Liberty House was submitted after the deadline set by the resolution professional and the committee of creditors of BPSL and Liberty House’s resolution plan did not adhere to the guidelines set out under the process documents issued by the resolution professional of BPSL.
The NCLAT dismissed the appeal filed by TSL and held that TSL’s appeal is premature and not maintainable. The NCLAT further held that the committee of creditors of BPSL have the right to amend, update, annul or modify resolution plans in order to obtain the best resolution plan.