# In the matter of Tata Steel Limited Vs. Liberty House Group Pte. Ltd. & Ors. CA (AT) (Insolvency) No. 198-2018

> NCLAT judgment dated 2019-02-04. Citation: TCN-2019-NCLAT-00798. Tata Steel Limited, a Resolution Applicant for Bhushan Power & Steel Limited (Corporate…

- **Court:** NCLAT
- **Order date:** 4 Feb 2019
- **Citation:** TCN-2019-NCLAT-00798
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/tata-steel-limited-vs-liberty-house-group-pte-ltd-ors-ca-a266cb5d

## Summary

### Background

Tata Steel Limited, a Resolution Applicant for Bhushan Power & Steel Limited (Corporate Debtor), challenged an order by the Adjudicating Authority (NCLT) directing the Committee of Creditors (CoC) to consider the Resolution Plan submitted by Liberty House Group Pte. Limited. The appeal contests the Adjudicating Authority's decision to allow Liberty House's resolution plan to be considered alongside those of Tata Steel and JSW Steel, arguing that Liberty House failed to meet pre-qualification criteria and submitted its plan belatedly. The case involves multiple revisions of resolution plans by the competing applicants and allegations of malafide conduct by the CoC.

## Facts

Bhushan Power & Steel Limited underwent Corporate Insolvency Resolution Process (CIRP). Tata Steel Limited, Liberty House Group Pte. Limited, and JSW Steel Limited submitted resolution plans. The Adjudicating Authority directed the Committee of Creditors (CoC) to consider Liberty House's resolution plan. Tata Steel objected, arguing Liberty House's plan was submitted late and didn't meet pre-qualification criteria. JSW Steel submitted multiple revised offers. Tata Steel filed an appeal with the NCLAT and also approached the Supreme Court. The NCLAT allowed all applicants to revise their offers. The CoC approved JSW Steel's resolution plan with 97.12% voting shares. Tata Steel alleged malafide conduct by the CoC, claiming it favored JSW Steel. The NCLAT opened the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in directing the Committee of Creditors to consider …

**Ratio:** The Committee of Creditors (CoC) has the discretion to consider all Resolution Plans to

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**Reasoning:** The Adjudicating Authority's direction aligns with the objective of the Insolvency and

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**Interpretation:** The IBC grants the CoC broad powers to evaluate Resolution Plans and negotiate

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**Application:** The court found that the Adjudicating Authority's direction was justified as it

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Tata Steel…
- **Respondents:** Bhushan Power &…; Liberty House…

## Timeline

- **2018-04-23 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal) passed an order directing the…
- **2018-02-08 — Expression of Interest…**: Tata Steel Limited and JSW Steel Limited…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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