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NCLT holds off Bhushan Power creditors panel meet to finalise highest bidder: Sources

Press Trust of India  |  New Delhi 

Tribunal is believed to have asked the of and Steel not to hold their meeting that was scheduled for tomorrow to finalise the highest bidder for the debt-ridden firm, sources said.

According to industry sources, NCLT has held that in the sanctity of the court process, the resolution professional and will not proceed with the meeting which was suppose to happen tomorrow.

The NCLT is hearing a plea filed by challenging the rejection its bid for and Steel on account of late submission. had moved the NCLT on 26 February against the rejection.

The hearing on the issue will continue tomorrow in the principal bench of NCLT, headed by Justice M M Kumar.

When contacted, a refused to comment on the same stating that the matter was subjudice.

The creditors' was to meet tomorrow to declare the highest preferred bidder for acquiring the assets of and Steel amid the resolution process for the debt-laden firm being marred by controversy.

The resolution professional (RP) for the debt-laden firm had earlier said that the resolution plan for Bhushan Power and Steel, facing insolvency proceedings is likely to be finalised this month.

The CoC last month rejected the bid of Liberty House to acquire Bhushan Power and Steel Ltd, leaving and in the race for taking over the assets of the bankrupt firm.

Bhushan Power and Steel owes about Rs 45,000 crore to its lenders.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 22:00 IST
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