Liberty House to approach NCLT on Bhushan Power bid rejection by creditors

Bhushan Power and Steel owes about Rs 450 bn to its lenders

The Sanjeev Gupta-led Liberty House will file a petition with the National Company Law Tribunal (NCLT) on Monday against the rejection of its bid to acquire debt-ridden Bhushan Power & Steel, which owes about Rs 450 billion to its lenders.

“We submitted the resolution plan 45 days before the completion of the 270-day deadline. So, the bid should have been accepted,” sources at Liberty House said.

“The petition is most likely to be heard on Monday itself,” a source said.

Parliament had passed the insolvency law in 2016 to hold corporate defaulters accountable and assist banks in recovering their dues. Once cases are