Photo: ReutersNew Delhi: The National Company Law Tribunal (NCLT) on Monday directed the Committee of Creditors (CoC) for Bhushan Power and Steel to consider UK-based Liberty House’s resolution plan for the debt-ridden company and “take (an) appropriate commercial decision”. Kumar directed that the insolvency resolution professional to place the unopened sealed cover containing Liberty House’s resolution plan before the next meeting of the CoC. The last date for submission of bids was 8 February, whereas the insolvency resolution professional received Liberty House’s proposal on 20 February. Apart from Liberty House, Tata Steel Ltd and JSW Steel are also in the race to acquire the bankrupt steel maker. Earlier this month, the UK-based industrial conglomerate Liberty House, whose net worth is above $500 million, was chosen as the highest preferred bidder to acquire the debt-laden auto parts firm Amtek Auto Ltd.

Source: Mint April 23, 2018 18:45 UTC