India Business

Liberty House Slams Insolvency Professional; Says Its Bid For Bhushan Steel Was Rejected Without Even Opening The Seal

Written By Press Trust Of India | Mumbai | Published:

Hack:

  • UK-based Liberty House has said that its bid to acquire Bhushan Power and Steel was rejected even without opening the seal of its offer
  • The National Company Law Tribunal (NCLT) was hearing a plea filed by Liberty House challenging its rejection its bid for Bhushan Power and Steel on account of late submission
  • Liberty House had moved the NCLT on 26 February against the rejection.

UK-based Liberty House on Thursday submitted before the NCLT that Insolvency Resolution Professionals (IRPs) rejected its bid to acquire Bhushan Power and Steel without even opening the seal of its offer.

It had submitted financial credentials and consolidated financial statements, audit reports and other documents required for a resolution applicant for Bhushan Power and Steel.

"They did not even looked at it and not opened the seal," said senior advocate Amarjit Singh Chandhiok representing Liberty House.

He further submitted that till only the Committee of Creditors had "an absolute right" to reject or accept the bid and not the IRP.

Till now, there is no resolution plans has been passed for the company and they could accommodate one more applicant at such stage, he submitted.

"Consider us, if you find us the best, then accept us," Chandhiok said adding that Liberty House was not intimated about the February 8 deadline.

The National Company Law Tribunal (NCLT) was hearing a plea filed by Liberty House challenging its rejection its bid for Bhushan Power and Steel on account of late submission

Liberty House had moved the NCLT on 26 February against the rejection.

The tribunal would continue its hearing on Friday in this matter. 

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