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Bhushan Steel, Bhushan Power RPs to meet creditors tomorrow

Press Trust of India  |  New Delhi 

Resolution professionals of Steel Ltd and Power and Steel Ltd (BPSL) are likely to meet creditors of the bankrupt firms tomorrow, according to a source.

The resolution professionals and the respective of the debt-laden firms will evaluate the bids and review the resolution plans submitted by the bidders, the source added.

According to reports, Indian-origin is considering bidding for assets of both the firms.

After this, there will be a final meeting in the second half of next week where a decision is expected to be taken, the source added.

One of the bidders said it is "surprised to see a foreign company trying to enter the (bid) process even after the biddings have been closed."

The source also said "rebidding for the assets can also be discussed. They (Liberty) are saying lenders have allowed them to bid."

The last date for bidding for Steel was February 3, while that for and Steel was February 8.

and have submitted bids for both the firms.

Bhushan Steel and were among the 12 non-performing accounts referred by the of India for (NCLT) proceedings and owe an amount of Rs 44,478 crore and 38,248 crore to their lenders.

The insolvency process was filed by of India (SBI), the lead of the consortium of lenders, in the case of Bhushan Steel while a similar plea was filed by (PNB) against Bhushan Steel and Power.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 20:10 IST