The National Company Law Appellate Tribunal (NCLAT) on Monday extended the deadline for a resolution plan for the stressed Bhushan Power and Steel Ltd (BPSL) till August 13.
The two-member bench, headed by Justice SJ Mukhopadhyaya, had earlier set an August 6 deadline for the resolution of the debt-ridden BPSL, for which Tata Steel, Liberty House and JSW Steel are bidders. The matter will be heard again at the NCLAT on August 17. Tata Steel has moved the Supreme Court against NCLAT’s decision to consider revised bids for the stressed assets of BPSL.
Moving the petition in the apex court on Friday, Tata Steel asked for an urgent hearing as the lenders will consider the revised bids by August 6.
However, the three-judge bench headed by Chief Justice Dipak Misra turned down the urgent hearing plea and posted the matter for August 10.
JSW Steel has revised its bid to about ₹19,000 crore from ₹11,000 crore, way higher than Tata Steel’s ₹17,000 crore, and beating Liberty House’s offer of ₹18,600 crore.
Tata Steel had written a letter to Bhushan Steel’s Committee of Creditors not to consider the ₹19,000-crore revised bid placed by JSW Steel. When the CoC informed NCLAT about the new, higher bid by JSW Steel, the Tribunal asked all the three bidders, including Liberty House, to revise their bids by August 6.
The resolution period for the company was to end on June 23.