NCLT adjourns hearing on Liberty plea against Bhushan Power RP to Thursday
ET Bureau|
Mar 05, 2018, 11.35 PM IST
The principal bench of the NCLT adjourned until Thursday the matter related to Liberty House's plea against the resolution professional and lenders to Bhushan Power and Steel.
Also, a creditors' meet scheduled to be held on Tuesday to finalise the winning bidder for the asset has now been postponed indefinitely until a verdict is reached on the case.
“The matter has been adjourned until March 8,” said Abhishek Manu Singhvi, the counsel representing Tata Steel. However, Singhvi did not plead on Monday as the judge rose after listening to the arguments of Liberty House, which insisted that “they are not spoilers”. Liberty House is being represented by Amarjit Singh Chandhiok.
Liberty House, which has an interest in metals, had emerged as a late bidder for Bhushan Power and Steel, the bid deadline for which had expired on February 8. However, the company wanted its bid to be considered and had argued that it had a superior plan the creditors would not like to reject if they opened it. It also said that the process is not supposed to deny creditors more money on such debts as public funds are in question.
The counsel for Liberty House stressed on the same points during Monday's hearing as well.
Also, a creditors' meet scheduled to be held on Tuesday to finalise the winning bidder for the asset has now been postponed indefinitely until a verdict is reached on the case.
“The matter has been adjourned until March 8,” said Abhishek Manu Singhvi, the counsel representing Tata Steel. However, Singhvi did not plead on Monday as the judge rose after listening to the arguments of Liberty House, which insisted that “they are not spoilers”. Liberty House is being represented by Amarjit Singh Chandhiok.
Liberty House, which has an interest in metals, had emerged as a late bidder for Bhushan Power and Steel, the bid deadline for which had expired on February 8. However, the company wanted its bid to be considered and had argued that it had a superior plan the creditors would not like to reject if they opened it. It also said that the process is not supposed to deny creditors more money on such debts as public funds are in question.
The counsel for Liberty House stressed on the same points during Monday's hearing as well.
