NCLAT allows lenders to meet and finalise Bhushan Power bid

TIL Desk/Business/New Delhi/ The National Company Law Appellate Tribunal (NCLAT) today gave a go-ahead to the lenders’ meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company. Vacating its earlier stay, the appellate tribunal has directed the committee of creditors (CoC) of the company to consider the resolution plans submitted by three firms — Tata Steel, Liberty House and JSW Steel.

NCLAT has also directed the CoC to call all the three bidders, along with operational creditors and suspended board of directors, in the meeting. The CoC would call for urgent meeting to take the resolution plan for discussion and approval, said a two-member bench headed by Chairman Justice S J Mukhopadhaya.

He further said, “Resolution professional (RP), after consulting CoC, will invite operational creditors and all three resolution applicants will remain present on the date of consideration of the resolution plan.  The suspended board of director are also allowed to attend the meetings in which resolution plan will be considered by CoC, NCLAT said in its orders. Earlier, on July 17, NCLAT had stayed the meeting of CoC when they were going to vote for finalisation of the highest bidder (H1) for BPSL.