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

The National Company Law Tribunal is believed to have asked the Committee of Creditors of Bhushan Power 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 Committee of Creditors will not proceed with the meeting which was suppose to happen tomorrow.
The NCLT is hearing a plea filed by Liberty House challenging the rejection its bid for Bhushan Power and Steel on account of late submission. Liberty House 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 President Justice M M Kumar.
When contacted, a Liberty House spokesperson 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 Bhushan Power and Steel amid the resolution process for the debt-laden firm being marred by controversy.

The resolution professional (RP) for the debt-laden firm Mahender Kumar Khandelwal 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 Tata Steel and JSW Steel 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.