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.
Also Read: NCLT Should Not Humour Late Latifs And Losers: It Should Junk Higher Bids From Liberty And UltraTech
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.