The National Company Law Appellate Tribunal today asked the committee of creditors of debt-ridden Bhushan Power and Steel Ltd. to proceed with the bids submitted by Tata Steel Ltd. and U.K.-based Liberty House.
The appellate tribunal also directed the CoC to keep its decision over the bids in a sealed cover and said it would be subject to its final order.
“Approval of one or the other would be kept in a sealed cover,” said the NCLAT bench headed by Chairman Justice SJ Mukhopadhaya. The appellate tribunal also declined the request of lenders to direct both parties to submit fresh bids. NCLAT has listed the matter for further hearing on July 12.
The appellate tribunal’s order came over an application filed by CoC seeking clarification over the process. Read More
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