# In the matter of Tata Steel Ltd. vs. Liberty House Group Pte. Ltd. & Ors.

> NCLAT judgment dated 2019-02-04. Citation: TCN-2019-NCLAT-00799. Tata Steel Limited, a resolution applicant for Bhushan Power & Steel Limited (Corporate…

- **Court:** NCLAT
- **Order date:** 4 Feb 2019
- **Citation:** TCN-2019-NCLAT-00799
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/tata-steel-ltd-vs-liberty-house-group-pte-ltd-ors-98497741

## Summary

### Background

Tata Steel Limited, a resolution applicant for Bhushan Power & Steel Limited (Corporate Debtor), appealed an order by the Adjudicating Authority (NCLT) directing the Committee of Creditors (CoC) to consider a resolution plan submitted by Liberty House Group Pte. Limited. Tata Steel challenged the Adjudicating Authority's decision, arguing that Liberty House failed to meet pre-qualification criteria and was given undue opportunities. JSW Steel also submitted a resolution plan. The CoC allowed all three resolution applicants (Tata Steel, Liberty House, and JSW Steel) to submit improved financial offers. Tata Steel then filed an appeal to restrain the Resolution Professional and CoC from considering the improved financial offers, without including JSW Steel as a

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## Facts

Bhushan Power & Steel Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP). Tata Steel Limited, Liberty House Group Pte. Limited, and JSW Steel Limited submitted resolution plans. Tata Steel, as a resolution applicant, challenged an order by the Adjudicating Authority (NCLT) directing the Committee of Creditors (CoC) to consider Liberty House's resolution plan. Tata Steel argued Liberty House failed to meet pre-qualification criteria. JSW Steel also submitted a resolution plan and later an improved financial offer. The CoC allowed all three to submit improved offers. Tata Steel objected and filed an appeal to restrain the Resolution Professional and CoC from considering the improved offers. The NCLAT directed the CoC to consider all

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## Issues and analysis

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

**Ratio:** The Committee of Creditors has the authority to consider all resolution plans and seek

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**Reasoning:** The NCLAT reasoned that the Adjudicating Authority's direction was within the CoC's

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**Interpretation:** The interpretation is that the Adjudicating Authority can direct the CoC to

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**Application:** The ratio applies to the facts by affirming the Adjudicating Authority's power

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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) directed the Committee of…
- **2018-02-08 — Expression of Interest…**: Tata Steel Limited and JSW Steel…

## 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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