NCLAT dismissed Tata Steel plea; upholds lender's decision to approve JSW's bid for BPSL
The National Company Law Appellate Tribunal (NCLAT) Monday dismissed a Tata Steel's plea and upheld lenders' decision to approve resolution plan of JSW Steel for debt-ridden Bhushan Power & Steel Ltd.
A two-member bench headed by Justice S J Mukhopadhaya said that the Committee of Creditors' (CoC) decision was well within its rights to negotiate better terms with resolution applicants.
Tata Steel had challenged an NCLT order that had allowed the CoC of Bhushan Power and Steel to the resolution plan submitted by Liberty House Group. Tata Steel had contended that NCLT cannot provide numerous opportunities at the belated stage.
Dismissing the Tata Steel's appeal, the NCLAT also directed the resolution professional of Bhushan Power and Steel to "immediately place the approved Resolution Plan before the Adjudicating Authority (NCLT) for its order."
"The case is remitted to the Adjudicating Authority (NCLT), Principal Bench, New Delhi, for passing appropriate order under Section 31," ...