Liberty House Moves NCLAT, Seeks Information On Bids From Bhushan Power Lenders
Liberty House alleges Bhushan Power’s lenders were not sharing documents related to the bid finalisation process.
U.K.-based Liberty House today approached the NCLAT against the committee of creditors and resolution professional of Bhushan Power & Steel Ltd. seeking information on the bid finalisation process of the firm.
In its plea, Liberty House has alleged that lenders are not sharing any information or documents related to their meeting, which is being convened today.
A two-member bench headed by Chairman Justice SJ Mukhopadhaya has asked the lenders to address the grievances of Liberty House. The appellate tribunal has also directed to list Liberty House's plea on July 12, when the main matter related to Bhushan Power would come up for hearing.
Earlier, lenders of Bhushan Power had rejected the resolution plan submitted by Liberty House citing delay, following which the U.K.-based group had moved the National Company Law Tribunal.
The NCLT had on April 23 directed Bhushan Power’s lenders, led by Punjab National Bank, to consider the bid submitted by Liberty House.
This order was later challenged by Tata Steel, another resolution applicant of Bhushan Power, before NCLAT, which is listed on July 12 for hearing.