The National Company Law Appellate Tribunal on Thursday turned down the plea of UK-based Liberty House to stay the resolution process of Bhushan Power and Steel.
A two-member bench of the appellate tribunal, headed by chairman Justice S J Mukhopadhaya, directed the committee of creditors to go ahead with the resolution process. At present, the lenders of Bhushan Power and Steel are in the process of finalising the bids.
Earlier, the company’s lenders had rejected the resolution plan submitted by Liberty House citing delay, following which the U.K.-based group had moved the National Company Law Tribunal. The NCLT had on April 23 directed BPSL’s lenders, led by PNB, to consider the bid submitted by Liberty House.
This order was later challenged by Tata Steel, another resolution applicant of BPSL, before NCLAT.