Lenders to Bhushan Power and Steel (BPSL) will soon approach the National Company Law Tribunal (NCLT) requesting an early hearing for approving the resolution plan of its preferred bidder JSW Steel for the bankrupt company.
Though the resolution professional, Mahender Khandelwal, had on February 14 submitted to the NCLT for approval JSW Steel’s Rs 19,700-crore bid, the adjudicating authority is yet to approve the plan.
“We will be making a mention in the NCLT urging it to hear and approve the plan as soon as possible,” said a banker.
In August last year, lenders had approved JSW Steel’s plan for BPSL. However, rival contender Tata Steel moved the National Company Law Appellate Tribunal (NCLAT) alleging that lenders had given JSW Steel undue chances to revise its bid even after declaring Tata Steel as the preferred bidder.
