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NCLAT permits Bhushan Power bidders to revise offers by Monday

The appellate tribunal has directed the Committee of Creditors (CoC) of the company to take a decision over the revised bids and keep it in a sealed cover.


PTI Last Updated at 01 Aug 2018, 16:08 IST India

The National Company Law Appellate Tribunal (NCLAT) today permitted all the three bidders of debt-ridden Bhushan Power & Steel Ltd -- Tata Steel, Liberty House, and JSW -- to file revised resolution plans by Monday.

The appellate tribunal has directed the Committee of Creditors (CoC) of the company to take a decision over the revised bids and keep it in a sealed cover.

"All resolution applicants can submit their revised offer by Monday," said an NCLAT bench headed by Chairman Justice S J Mukhopadhaya.

The bench said that the bidders can only change the financial part of the bid.

The NCLAT has directed the matter to be listed on August 17 for next hearing.

The appellate tribunal was hearing an application filed by Tata Steel challenging the revision of bids by JSW Steel on July 27 on the eve of CoC meeting.

On July 20, the NCLAT gave a go-ahead to the lenders' meeting of Bhushan Power & Steel (BPSL), directing it to finalize a bid for the company.

Sajjan Jindal-led JSW Steel revised its offer from Rs 11,000 crore to Rs 18,000 crore.

Tata Steel's offer stands at Rs 17,000 crore.

Bhushan Power and Steel owes about Rs 45,000 crore to its lenders.

Vacating its earlier stay, the appellate tribunal had last month directed the CoC to consider the resolution plans submitted by three firms -- Tata Steel, Liberty House, and JSW Steel.

NCLAT had also directed the CoC to call all the three bidders, along with operational creditors and suspended board of directors, in the meeting.

Earlier on July 17, the NCLAT had stayed the meeting of CoC when they were going to vote for finalization of the highest bidder (H1) for BPSL.

Bhushan Steel and Power was among the 12 non-performing accounts referred by RBI for NCLT proceedings.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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