Bhushan Power & Steel IRP alleges leak of CoC meeting deliberations

The interim resolution professional (IRP) of Bhushan Power and Steel (BPSL), Mahender Kumar Khandelwal, today alleged that the confidentiality of Committee of Creditors meeting was breached as information on deliberations was "leaked".

He further alleged that a deliberate attempt was being made to sabotage the resolution process of the debt-laden firm.

"Today CoC meeting of Bhushan Power and Steel Ltd (BPSL) was held .... Surprisingly, sanctity and confidentiality of meeting was breached ... news of deliberations was also leaked," Khandelwal told PTI.

"The office of Resolution Professional strongly condemns such breach of confidentiality and demands an investigation ...of such persons who may have leaked the proceedings of CoC meeting," he said.

There appears to be a deliberate attempt to sabotage the process of Resolution of insolvency of BPSL and defame the RP, he further alleged.

In today's meeting, he said, the representatives of operational creditors were invited as per directives of the National Company Law Appellate Tribunal (NCLAT).

"While meeting was going on some discussions took place alleging irregular payments to some operational creditors and audit of such payments was proposed by an independent agency. This was one amongst many issues discussed during proceedings," he said.

Tata Steel, Liberty House and JSW have submitted bids for the second time to acquire debt-laden Bhushan Power and Steel Ltd, sources in the know of the matter said.

The bids were submitted to Committee of Creditors (CoC) late last night by the three parties, a source said.

On August 6, the National Company Law Appellate Tribunal (NCLAT) had extended the deadline for submission of revised bids for BPSL by one week on the plea of Tata Steel.

BPSL owes about Rs 45,000 crore to its lenders. It was among the 12 non-performing accounts referred by the Reserve Bank of India for NCLT proceedings.