Bhushan Power & Electrosteel get 90-day extension

According to the IBC rules, application for approved resolution plan has to be filed with the NCLT within 180 days, which can be extended by another 90 days

Bhushan Power & Steel and Electrosteel Steels have got 90-day extension by the National Company Law Tribunal (NCLT) for resolution under the Insolvency and Bankruptcy Code (IBC).

For Bhushan Power & Steel, the deadline for submission of resolution plan was January 10 and the committee of creditors is likely to take up the extension of deadline shortly. Mahender Kumar Khandelwal, the insolvency professional for Bhushan Power, and leader and partner of business restructuring at BDO India LLP, declined to comment.

Among those interested in Bhushan Power & Steel are JSW Steel, Tata Steel, Vedanta, an investor from UAE, ArcelorMittal and Liberty