Liberty House Bid For Bhushan Steel: NCLT Says Bid Can’t Be Disqualified Only On Account Of Late Submission
The National Company Law Tribunal (NCLT) today (23 April) allowed the plea of United Kingdom-based Liberty House and asked the lenders of Bhushan Power and Steel – led by the Punjab National Bank (PNB) – to consider their bid for the debt ridden company, reports PTI. The tribunal has asked the committee of creditors (CoC) to complete its resolution proceedings by 23 June.
A two member-bench led by Justice M M Kumar said that Liberty House’s bid cannot be rejected solely on the basis of being submitted after the deadline. The order came over a petition filed by Liberty House that challenged the rejection of its bid for Bhushan Power and Steel on the account of a late submission.
We hope that CoC takes an appropriate commercial decision as per the Insolvency and Bankruptcy Code (IBC).National Company Law Tribunal
The NCLT was moved by Liberty House in February over the rejection of its bit after the CoC rejected the bid leaving Tata Steel and JSW Steel as the sole bidders in the race to take-over the bankrupt firm that owes Rs 45,000 crore to its lender.
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