NCLAT asks Bhushan Power & Steel lenders to go ahead with selection of bids

The National Company Law Appellate Tribunal (NCLAT) today asked the Committee of Creditors (CoC) of debt-ridden Bhushan Power & Steel to proceed with the bids submitted by Tata Steel and UK-based Liberty House.

The appellate tribunal also directed the CoC to keep its decision over the bids in a sealed cover and said it would be subject to its final order.

"Approval of one or the other would be kept in a sealed cover," said the NCLAT bench headed by Chairman Justice S J Mukhopadhaya.

The appellate tribunal also declined the request of the Committee of Creditors to direct both the parties to submit fresh bids.

NCLAT has listed the matter for further hearing on July 12.

The appellate tribunal's order came over an application filed by CoC seeking clarification over the process.

Earlier on April 23, the National Company Law Tribunal (NCLT) had directed the lenders of Bhushan Power & Steel, led by PNB, to consider the bid submitted by UK-based Liberty House for the debt-ridden company.

Allowing the plea of Liberty House, the tribunal directed the CoC to complete its resolution proceedings by June 23.

Tata Steel has already challenged the order of the principal bench of NCLT.