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Insolvency: Bhushan Power lenders asked to go ahead with selection of bids

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

Press Trust of India  |  Delhi 

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The (NCLAT) today asked the (CoC) of debt-ridden & Steel to proceed with the bids submitted by Tata Steel and UK-based 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 bench headed by Chairman Justice S J Mukhopadhaya.

The appellate tribunal also declined the request of the to direct both the parties to submit fresh bids. 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 & Steel, led by PNB, to consider the bid submitted by UK-based 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.

seeks 90 days to file results

Bhushan Steel, which has been acquired by Tata Steel under the process, has sought 90-day extension to file its audited financial results for the quarter and year ended March. Tata Steel completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm last week. According to norms, the firm is under obligation to submit its audited financial results for quarter and year ended March within 60 days from the end of the financial year. said since the new management has to sign the audited results, it is imperative that the same is done after due review, revalidation and ensuring that fair disclosures are being made.

First Published: Fri, May 25 2018. 02:22 IST
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