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JUDICIARY WATCH

NCLT issues notices to Bhushan Steel Ltd

Staff reporter, New Delhi
14/07/2017   0 Comments

The National Company Law Tribunal (NCLT) has issued notices to Bhushan Steel Ltd and Bhushan Steel and Power Ltd over insolvency proceedings initiated by their lenders State Bank of India and Punjab National Bank.

The NCLT has directed Bhushan Steel and Bhushan Steel and Power Ltd to file their reply and posted the matter for the next hearing on July 19.

The tribunal, which has also jurisdiction in the matters related to insolvency and bankruptcy code, was hearing two petitions filed by lead lenders SBI and PNB. Both the petitions have been filed under the Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, where the financial creditor initiates insolvency proceedings with a claim. 

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