The National Company Law Appellate Tribunal (NCLAT) today extended the deadline for submission of revised bids for debt-ridden Bhushan Power and Steel by one week on the plea of Tata Steel, a resolution applicant in this.
The National Company Law Appellate Tribunal (NCLAT) today permitted all the three bidders of debt-ridden Bhushan Power & Steel Ltd — Tata Steel, Liberty House and JSW — to file revised resolution plans by Monday.
JSW Steel’s decision to make a revised offer has cheered lenders who are hoping that they will see lower haircuts while resolving the Bhushan Power and Steel case, the company that is facing bankruptcy proceedings.
Even though it is yet to take a call on whether the late submission of bid by Liberty House for the bankrupt Bhushan Power and Steel is valid or not, the National Company Law Appellate Tribunal
Even as the government has stood firm on resisting a call for easing the exclusion norms under the insolvency resolution process to retain its integrity
Lifting its earlier stay order, the National Company Law Appellate Tribunal (NCLAT) on Thursday allowed lenders to Bhushan Power and Steel (BPSL) to go ahead with the resolution process for the bankrupt firm and approve an appropriate resolution plan, and place it before the adjudicating authority (NCLT) to seek its go-ahead.
Congratulations on winning the bid for Bhushan Steel. What made you come to the valuation of Rs 36,000 crore for Bhushan Steel? Do you expect the synergies to pan out for Tata Steel and Bhushan Steel at a later point of time
Lenders to the Bhushan Power and Steel (BPSL) are likely to meet next week to choose the most eligible bidder for the troubled steelmaker. Sources said BPSL’s resolution professional (RP) Mahender Kumar Khandelwal has now asked
UK’s Liberty House group has trumped a bid by Tata Steel to buy bankrupt Bhushan Power and Steel, according to people directly briefed on the matter.
The creditors’ panel will next week declare the highest preferred bidder for acquiring the assets of Bhushan Power and Steel amid the resolution process for the debt-laden firm being marred by controversy, sources said.