Allowing the plea of the Liberty House has raised hopes of UltraTech Cement which wants to enter the bidding race for Binani Cement. "The resolution professional shall place the unopened sealed cover apparently containing the resolution plan of the Liberty House before the next meeting of the Committee of Creditors (CoC)," the principal Delhi bench of NCLT said on Monday. "The resolution plan of Liberty House shall not be rejected on the ground of delay emanating from process document or any other document internally circulated by the RP or CoC. NCLT in last July had accepted the insolvency resolution case filed by Punjab National Bank (PNB) following which Mahender Khandelwal was admitted as a resolution professional. "No consideration of plan due to delay in submitting the requisite resolution plan defeats the very objectives of insolvency resolution, " it argued.

Source: dna April 23, 2018 23:48 UTC