Tata Steel opposes move to allow Liberty bid for Bhushan Power & Steel

Image Source: SteelGuru

Financial Express reported that Tata Steel on Monday alleged that it was wrong on the part of the National Company Law Tribunal to allow the late bid submitted by Liberty House for Bhushan Power and Steel. The UK-based firm, it said, was time and again making a mockery with the timelines set for the resolution process of the debt-ridden firm. Senior advocate Mr Abhishek Manu Singhvi, appearing on behalf of Tata Steel, said the UK-based firm had failed to file requisite documents to show its eligibility despite the resolution professional giving it five opportunities since the time of submission of expression of interest. Mr Singhvi said “Liberty House played the role of a spoiler. It was sent five reminders, but it did not respond. By allowing its late bid to consider, the adjudicating authority gave a premium to such conducts.”

On May 3, Tata Steel moved a plea in the National Company Law Appellate Tribunal challenging NCLT’s April 23 order that had directed the committee of creditors and the RP to consider Liberty House’s late bid.

Against the original deadline of February 8, Liberty House had submitted its bid on February 20. Tata Steel and JSW Steel were the two bidders who had submitted bids within the deadline.

Source : Financial Express