The National Company Law Tribunal (NCLT) will conclude hearing on Bhushan Power and Steel (BPSL) insolvency case by April 15. Insolvency resolution process for the company was admitted by the principal bench of the NCLT on July 26, 2017 on a plea of Punjab National Bank.
“We want to conclude hearing on the BPSL matter on Monday. There will be no further argument beyond Monday,” NCLT’s principal bench, headed by president justice MM Kumar, said on Friday.
The tribunal is expected to reserve its order on April 15 after hearing the counsel of JSW Steel, the highest bidder for BPSL, and is expected to ask all parties to submit a two-page note if they want to provide any further information. It has been more than 600 days since BPSL was admitted by the NCLT.
The Insolvency and Bankruptcy Code permits a maximum of 270 days for the resolution of a company admitted by the insolvency court. Read More
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