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IRP seeks resolution plan for Bhushan Power & Steel - Report

Steel News - Published on Fri, 22 Sep 2017

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Mint reported that an interim resolution professional (IRP) for Bhushan Power & Steel Ltd has sought a potential resolution plan from prospective parties, according to a newspaper advertisement. The advertisement said “Any potential resolution applicant who is desirous of submitting a resolution plan as above, is required to provide the relevant qualification documents to establish satisfaction of the qualification requirements, on or before October 6.”

Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on 26 July.

Delhi-based Bhushan Power, which owes over Rs37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India (RBI) where banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases.

According to the Insolvency & Bankruptcy Code (IBC), 2016, upon admission, the board of the company is suspended and IRP is responsible for the daily management of the company.

The IRP has to come up with a resolution plan within 180 days, extendable by another 90 days, of the admission of the petition. In case the account is not resolved, the company goes into liquidation.

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Posted By : Ratan Singh on Fri, 22 Sep 2017
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