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NCLAT rejects Liberty House's plea to stay resolution process of Bhushan Power & Steel

Steel News - Published on Fri, 13 Jul 2018

Image Source: First Post
Press Trust of India reported that the National Company Law Appellate Tribunal (NCLAT) on Thursday turned down the plea of Liberty House to stay the resolution process of Bhushan Power and Steel. A two-member bench of the appellate tribunal, headed by Chairman Justice S J Mukhopadhaya, directed the committee of creditors (CoC) to go ahead with the resolution process.

Earlier, lenders of BPSL had rejected the resolution plan submitted by Liberty House citing delay, following which the UK-based group had moved the National Company Law Tribunal (NCLT).

The NCLT had on 23 April directed BPSL's lenders, led by PNB, to consider the bid submitted by Liberty House. This order was later challenged by Tata Steel, another resolution applicant of BPSL, before NCLAT.

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Posted By : Ratan Singh on Fri, 13 Jul 2018
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