Setback for Tata Steel as NCLAT upholds creditors decision on Bhushan Power

The judgement comes in view of a plea moved by Tata Steel opposing NCLT's decision asking the committee of creditors to consider the resolution plan submitted by Liberty House.

The National Company Law Appellate Tribunal (NCLAT) on Monday upheld the Committee of Creditors’ (CoC) decision to approve JSW Steel Limited’s resolution plan for Bhushan Power and Steel Limited, saying the committee had the right to negotiate better terms with the resolution applicants.

The appellate tribunal has remitted the matter back to principal bench of the National Company Law Tribunal (NCLT) in Delhi and asked the Resolution Professional (RP) of Bhushan Power to place JSW Steel’s bid before it for approval.

“The Adjudicating Authority (NCLT) at the time of consideration of the approved resolution plan of JSW Steel will