NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has rejected an “appeal” made by the Committee of Creditors (CoC) seeking the “early disposal” of the corporate insolvency resolution process of debt-ridden Bhushan Power and Steel (BPSL). The plea was filed to speed track the process in the matter after the NCLT had reserved its judgement on the approval to JSW Steel’s resolution plan for Bhushan on April 23.
Meanwhile, one member of the board of directors (BoD) of the company moved the Punjab and Haryana High Court alleging that the copy of the resolution plan was not served to him. On this, the high court, in its order on April 18, said, “The issue raised by the present petitioner for providing all aforesaid documents and thereafter to convene a meeting of the CoC afresh to deliberate and consider the suggestions and objections of the erstwhile BoD before passing any resolution plan”. This may have halted the NCLT to pronounce its order.
Perturbed by the delay in pronouncing order by the NCLT on preferred bidder JSW Steel’s bid for BPSL, the CoC had moved the NCLAT seeking its direction to NCLT for an early disposal of the matter.
The issue of consideration of JSW’s resolution plan was remitted to NCLT on February 4, 2019. Rejecting the CoC’s “appeal”, a three-member Bench of the NCLAT headed by Justice SJ Mukhopadhyay said that in absence of any order passed by the NCLT, it will not entertain this appeal.