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UK-based Liberty House today said its resolution plan for bankrupt Bhushan Power and Steel Ltd (BPSL) will provide a win-win solution for all stakeholders. The company’s statement came a day after the National Company Law Tribunal (NCLT) directed the Committee of Creditors (CoC) to consider the bid of Liberty House for the debt-ridden firm.
“While the insolvency process has been frustrating and time consuming at times, we are confident that our resolution plans will provide a win-win solution for all stakeholders, and hence will get through one by one,” Liberty House said in a statement. The CoC of BPSL had in February rejected its bid without even opening the seal of its offer citing delay in submission.
With NCLT asking BPSL creditors to consider Liberty House’s bid, the company said it has “paved the way for us to pursue our vision for reviving this company and building an innovative steel business in India”. The company said it has acquired and successfully turned around dozens of substantial companies globally, especially in the steel sector.
“We have a track record of being responsible custodians with a generational sustainability mindset. We aim to become a driver for manufacturing and growth in India, from steel to electric cars, and in all our other sectors such as banking and energy also,” the company explained.
The NCLT had yesterday asked the BPSL lenders, led by PNB, to consider the bid submitted by Liberty House for the debt-ridden company. Allowing the appeal of Liberty House, challenging its ouster from bid on ground of delay, the NCLT directed the resolution professional of BPSL to place its offer in the next meeting of the CoC, led by PNB, which had earlier in February rejected its bid without even opening the seal of its offer citing delay in submission.
The principal bench of NCLT has said that “the RP (resolution professional) shall place the unopened sealed cover apparently containing the resolution plan of the Liberty House before the next meeting of the CoC.”
It has further directed: “The resolution plan of Liberty House shall not be rejected on the ground of delay emanating from process documents or any other documents internally circulated by the RP or the CoC. The rejection shall be on some substantive ground as against a flimsy one.”
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