The National Company Law Tribunal (“NCLT”) asks the creditors of Bhushan Power and Steel Limited (“BPSL”) to consider Liberty House bid
Posted On : May 03, 2018
The NCLT, on April 23, 2018, had asked the creditors of Bhushan Power & Steel, to consider the bid submitted by UK-based Liberty House for the debt-ridden company.
Allowing the plea of Liberty House, the NCLT has directed the committee of creditors of BPSL to complete its resolution proceedings by June 23, 2018.
The tribunal's order came over a petition filed by Liberty House, challenging the rejection of its bid by the RP for Bhushan Power and Steel on account of late submission. The NCLT, while rejecting the petition, further held that the bid submitted by Liberty House cannot be disqualified only on the ground of being submitted after the deadline as set by the committee of creditors of BPSL.