Insolvency process: Bhushan Power decision on preferred bidder next week

Lenders to Bhushan Power & Steel, going through insolvency proceedings, have deferred their decision on finalising the preferred bidder to next week. 

While majority of the lenders were in favour of Tata Steel, some of the lenders felt that the bid put forward by Liberty House should also be looked into, especially in the light of the company's prayer in the National Company Law Appellate Tribunal (NCLAT). 

Accordingly, sources confirmed, a decision which was expected on Tuesday has now been deferred to next week. The CoC is most likely to meet on July 16. A Liberty House spokesperson said the company had submitted all documents, including bank guarantees, but had not received acknowledgement of the same from the resolution professional or the CoC. 

This was part of the prayer made before the NCLAT, which, on Monday, asked the resolution professional and the CoC to address Liberty House's grievances. It would be taken up on July 12.