Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case


Bhushan Steel sale: Liberty House back in race; UltraTech hopes up too in Binani Cement case

The UK-based Liberty House owned by the Gupta family can still be in the race for Bhushan Power & Steel despite missing the deadline and its neglected bid document should be considered by the creditors, the National Company Law Tribunal (NCLT) has ruled on Monday. Allowing the plea of the Liberty House has raised hopes of UltraTech Cement which wants to enter the bidding race for Binani Cement.

“The resolution professional shall place the unopened sealed cover apparently containing the resolution plan of the Liberty House before the next meeting of the Committee of Creditors (CoC),” the principal Delhi bench of NCLT said on Monday. “The resolution plan of Liberty House shall not be rejected on the ground of delay emanating from process document or any other document internally circulated by the RP or CoC. The rejection shall be on some substantive ground as against flimsy one,” the order added.

The tribunal has directed the CoC to complete its resolution proceedings by June 23. Liberty House Group Pte had earlier filed an application with the NCLT with a prayer to declare illegal, a decision of the CoC of Bhushan Power and Steel which had refused to entertain an application for resolution plan submitted by Liberty in February. Read More

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