Why did NCLT allow Liberty House's bid for Bhushan Power & Steel?

Varun Marwah April 24 2018

An application filed by Liberty House for considering its resolution plan for the debt-ridden company, Bhushan Power and Steel (BPSL), was admitted by the NCLT, Principal Bench.

Liberty House, in this case, had submitted its resolution plan after the deadline prescribed by the Committee of Creditors (CoC)  and was therefore disregarded by the CoC.

NCLT's ruling admitting this application, however, does not necessarily set a binding precedent for future cases of delayed submission. This one is a case where . . .

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