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ARTICLE · 11 MAY 2018

Are You Late In Submitting Your Resolution Plan? Not Really!

Nishith Desai Associates
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The Principal Bench of the National Company Law Tribunal has directed the resolution professional and committee of creditors of Bhushan Power and Steel Limited to consider...

IndiaInsolvency/Bankruptcy/Re-Structuring
Ashish Kabra
Ashish Kabra
Mohammad Kamran
Mohammad Kamran
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The Principal Bench of the National Company Law Tribunal ("NCLT / Tribunal") has directed the resolution professional ("RP") and committee of creditors ("CoC") of Bhushan Power and Steel Limited ("Company / BPSL") to consider the resolution plan submitted by Liberty House Group Pte. Ltd. ("Liberty House"). The CoC had earlier refused to entertain the resolution plan submitted by Liberty House on the ground that it was submitted after the last date of submission.

Brief Facts

The NCLT on July 26, 2017 admitted the petition filed by Punjab National Bank against BPSL under section 7 of Insolvency and Bankruptcy Code, 2016 ("Code") for initiating Corporate Insolvency Resolution Process ("CIR Process") owing to a default in payment of more than INR 4,000 Crores of financial debt.

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