MUMBAI: Authorities have ringed in yet another date to complete the resolution process of debt-laden Bhushan Power & Steel Ltd. On Monday, the National Company Law Appellate Tribunal (NCLAT) once again extended the deadline for submitting revised bids till August 13.
All three bidders — Tata Steel Ltd, UK-based Liberty House and JSW Steel Ltd — will now be eligible to submit their revised bids by next Monday. However, the appellate tribunal has added a rider that all the bids being submitted must be unconditional.
With NCLAT’s Monday order, the Supreme Court too will be hearing the case before the deadline for submission of the revised bids ends.
It may be noted that last week Tata Steel had moved the Supreme Court against the NCLAT’s previous order, which allowed the submission of revised bids for the company.
Tata Steel sought an urgent hearing on the grounds that the Committee of Creditors may take a decision before the SC hears the case. The SC refused to grant a stay and had fixed the date of hearing on August 10.
In fact, all the three contenders had put in bids for Bhushan Power & Steel earlier, but they were all rendered null and void after the resolution process called for fresh bids on August 1. In the previous round, Tata Steel was chosen as the highest bidder by the CoC.
Bhushan Power owes over Rs 48,500 crore to a consortium of lenders led by Punjab National Bank. It is one of the 12 large accounts identified by the Reserve Bank of India last June for the insolvency resolution process.