Bhushan Power and Steel, which owes over Rs48,500 crore to a consortium of lenders led by PNB, is among the 12 large companies identified by the RBI for early insolvency resolution. New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday allowed the committee of creditors (CoC) for Bhushan Power and Steel Ltd to consider the resolution plans submitted before it and arrive at a decision with respect to a successful bidder. The bench asked the CoC to place the decision with respect to a successful bidder in a sealed cover. NCLAT also asked the CoC to seek suggestions from the operational creditors of the corporate debtor before deciding upon a successful resolution applicant. The last date for submission of bids was 8 February, whereas the insolvency resolution professional received Liberty House’s proposal on 20 February.

Source: Mint May 09, 2018 12:33 UTC