Insta
Mumbai bench of the NCLT.
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.
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.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest