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NCLT asked to decide on JSW's bid for Bhushan Power & Steel by March 31

Bhushan Power promoter Sanjay Singal through his counsel offered to settle all dues of the lenders

Press Trust of India  |  New Delhi 

steel

Law Appellate (NCLAT) Friday directed the bench of the NCLT to decide over JSW Steel's bid for the debt-ridden by March 31.

A two-member NCLAT bench headed by Justice S J Mukhopadhaya has also directed Law (NCLT) to hear the representatives of operational creditors, promoters along with dissenting banks also.

"We expect adjudicating authority (NCLT) to decide the case at an early date to ensure that the matter is decided before the end of this financial year," the appellate said.

During the proceedings, Bhushan Power promoter through his offered to settle all dues of the lenders.

On this, the appellate tribunal has directed NCLT to also take a decision over Singal's offer to settle.

"Liberty is given to adjudicating authority to decide who should be heard as or promoters or dissenting financial creditors, if any," it said.

Earlier, on February 4 the NCLAT had dismissed the plea of and upheld lenders' decision to approve resolution plan of for

had challenged an NCLT order that had allowed the CoC of Bhushan Power and Steel to the resolution plan submitted by had contended that NCLT cannot provide numerous opportunities at the belated stage.

The NCLAT had said the Committee of Creditors' (CoC) decision was well within its rights to negotiate better terms with resolution applicants.

had revised its offer from Rs 11,000 crore to Rs 18,000 crore and later to over Rs 19,000 crore, whereas Tata Steel's last offer was at Rs 17,000 crore after it had refused to revised its bid.

First Published: Fri, March 08 2019. 19:00 IST
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