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NCLT stays Bhushan Power and Steel creditors’ meeting to discuss resolution process- The 19th China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
3/15/2018 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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PTI reported that the National Company Law Tribunal (NCLT) on Tuesday stayed the meeting of Bhushan Power and Steel Ltd’s committee of creditors (CoC) which was scheduled to take place on Wednesday to discuss the resolution process. NCLT president M.M. Kumar, while pronouncing the order, said “We direct the Insolvency Resolution Professional (IRP) and the COC not to proceed with any consideration of resolution process of any other entities as the matter is sub judice before us.”
According to the bench hearing the matter, if COC meets on Wednesday and does not consider UK-based Liberty House’s bid for the debt-ridden Bhushan Power and Steel then it would result in “an element of bias”.
The bench clarified that the time being consumed in litigation would be “knocked off” from the 180-day resolution period. It was also observed that since the resolution period for Bhushan Power and Steel ends on 22 April, there is still time to reconsider Liberty House’s bid.
Liberty House had moved the NCLT on 26 February against the rejection of its bid for Bhushan Power and Steel by the CoC for late submission.
The last date for submission of bids was 8 February whereas the IRP for Bhushan Power and Steel Mahender Khandelwal received Liberty House’s proposal on 20 February.
On 6 March, Tata Steel said that it has been identified as the highest bidder under the corporate insolvency resolution process by the COC of Bhushan Power.
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