Apprehending further delay in the resolution process, lenders to Bhushan Power and Steel (BPSL) on Tuesday urged National Company law Tribunal (NCLT) not to give operational creditors any further hearing as the adjudicating authority proceeds to approve the resolution plan for the debt-ridden steelmaker.
Senior counsel Ramji Srinivasan, appearing on behalf of the Committee of Creditors (CoC), said that more than 570 days have gone past since NCLT’s principal bench admitted insolvency proceedings against BPSL and each day, lenders are incurring a Rs 12 crore loss for their exposure to the insolvent firm.
“BPSL has 1,778 operational creditors. It will take a hell lot of time to hear out their applications. They should also not have any grudge since they will have to take only 50% haircut compared with 60% by the financial creditors,” Srinivasan said.
