BHEL moves NCLAT against Monnet Ispat's CoC, bats for operational creditors

BHEL says approved plan in violation of Section 30 (2) of IBC

Government-owned Bharat Heavy Enterprises Limited (BHEL) has moved the National Company Law Appellate Tribunal (NCLAT) challenging the decision of the Committee of Creditors (CoC) of Monnet Ispat & Energy to assign nil liquidation value to operational creditors and the approval of the resolution plan based on the same by the National Company Law Tribunal (NCLT) Mumbai.  

The NCLAT has agreed to hear BHEL on the issue and issued notice to the company and JSW Steel, which had emerged as the highest bidder for Monnet Ispat. It will next hear the matter on February 8.

"During the pendency of the