A two-member bench of the appellate tribunal, headed by Chairman Justice S J Mukhopadhaya, directed the committee of creditors (CoC) to go ahead with the resolution process.
At present, the lenders of Bhushan Power and Steel (BPSL) are in the process of finalising the bids.
The NCLT had on April 23 directed BPSL’s lenders, led by PNB, to consider the bid submitted by Liberty House.
This order was later challenged by Tata Steel, another resolution applicant of BPSL, before NCLAT.
Source: July 12, 2018, Business Standards