The National Company Law Appellate Tribunal (NCLAT) Friday directed the Delhi bench of the NCLT to decide over JSW Steel’s bid for the debt-ridden Bhushan Power & Steel by March 31. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also directed the National Company Law Tribunal (NCLT) to hear the representatives of operational creditors, promoters along with dissenting banks also.
“We expect adjudicating authority (NCLT) to decide the case at an early date to ensure that the matter is decided before the end of this financial year,” the appellate tribunal said. During the proceedings, Bhushan Power promoter Sanjay Singal through his counsel offered to settle all dues of the lenders.
On this, the appellate tribunal has directed NCLT to also take a decision over Singal’s offer to settle.
