NEW DELHI: The National Company Law Tribunal (NCLT) today 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 Principal Bench of the NCLT headed by its President Justice M M Kumar has directed Bhushan Steel and Bhushan Steel and Power Ltd to file their reply. The tribunal has 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 financ…
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