NCLAT reserves order in Bhushan Power case

NCLAT reserves order in Bhushan Power case

The National Company Law Appellate Tribunal (NCLAT) on Thursday completed hearing on Tata Steel’s petition, challenging the lenders’ discretion to allow JSW Steel to revise its bid for bankrupt Bhushan Power and Steel (BPSL). The appellate tribunal has reserved its order on the matter.

A two-member Bench, headed by Justice SJ Mukhopadhaya, asked all parties to make written submissions by December 26. The NCLAT’s order will expedite resolution of the steelmaker that owed lenders close to `47,000 crore as on March 31, 2017.

On Punjab National Bank’s plea, BPSL was admitted for initiating the corporate insolvency resolution process (CIRP) by the New Delhi bench of the National Company Law tribunal (NCLT) on July 26, 2017. Read More

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