UK-Based Liberty House Wants To Bid For Bhushan Power & Steel

UK-Based Liberty House Wants To Bid For Bhushan Power & Steel

UK-based Liberty House Group said it was interested in bidding for Bhushan Power & Steel and sought an extension to the deadline to submit its resolution plan for the bankrupt company.

“Please note that we are also interested in submitting a viable and competitive resolution plan for the company,” said a Liberty letter addressed to Bhushan Power & Steel’s resolution professional, Mahender Khandelwal. “We believe we are in a position to give a resolution plan which the COC (committee of creditors) would consider very strongly, considering all the parameters they want to consider including the realisation to the lenders,” said the letter, which EThas seen.

Only two companies, Tata Steel and JSW Steel, had submitted bids for Bhushan Power & Steel before the deadline closed on February 8. A Dubai-based group too had asked for an extension of the timeline, but that was declined, said a person close to developments. Vedanta Resources and Arcelor-Mittal had shown early interest, but didn’t submit any bids. Read More…

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