BackNCLT reserves order on appointing new IRP for Bhushan Energy
SBI has suggested appointing Navneet Kumar Gupta as the new insolvency resolution professional for Bhushan Energy in place of Sawant Goliawala, partner Deloitte
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The National Company Law Tribunal (NCLT) on Tuesday reserved its order on appointing a new insolvency resolution professional (IRP) for Bhushan Energy Ltd. State Bank of India (SBI) has initiated insolvency proceedings against the company.
SBI suggested appointing Navneet Kumar Gupta as the new IRP in place of Sawant Goliawala, partner Deloitte.
Earlier this month, the NCLT bench had asked SBI to consider the appointment of a new IRP after Bhushan Energy objected to appointing Goliawala citing conflict of interest.
Insolvency code requires a high degree of independence and integrity, Bhushan Energy had pleaded. Since Deloitte was also involved in a tariff negotiation between Bhushan Steel and Bhushan Energy, Bhushan Energy had expressed its apprehension with respect to Goliawala’s neutrality. The IRP, in such a scenario, would not be free of ‘external and professional influence’ as the partners have pecuniary interest in the matter, Bhushan Energy had said.
Bhushan Energy had also objected to the insolvency proceedings initiated by SBI, calling it incomplete and immature.
Bhushan Energy, based in Dhenkanal, Odisha is promoted by the promoters of Bhushan Steel which is one of the 12 NPA accounts notified by the Reserve Bank of India (RBI) earlier this year. Bhushan Steel has a gross debt of over Rs42,000 crore.
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