The Punjab and Haryana high court has asked the bankruptcy court to hear the promoters of Bhushan Power & Steel Ltd. who claimed that the lenders did not provide them with the details of a resolution plan involving JSW Steel’s offer for the company.
The court passed ex-parte orders on April 18 directing the National Company Law tribunal to hear the plea of the BPSL promoters. A copy of the orders was reviewed by ET. JSW Steel, which offered about Rs 19,300 crore for BPSL, is awaiting approval of the plan. It emerged as the winning bidder for BPSL after a hard-fought contest that saw Tata Steel and Liberty House competing for the stressed steel asset.
BPSL director Ravi Prakash Goyal said in the petition that the company’s board of directors was not provided complete details of JSW’s resolution plan despite directions from the appellate tribunal. At a hearing on Tuesday, the NCLT heard Mukul Rohatgi, advocate for BPSL promoter Sanjay Singal, and reserved its orders in the matter.