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NCLT Delhi Seeks Reply Of Bhushan Steel's Monitoring Committee On Policy For Retirement [Read Order]

LIVELAW NEWS NETWORK
6 Aug 2020 11:30 AM GMT
NCLT Delhi Seeks Reply Of Bhushan Steels Monitoring Committee On Policy For Retirement [Read Order]
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The Principal Bench of the National Company Law Tribunal at Delhi has sought response from the Monitoring Committee of debt-ridden Bhushan Power & Steel Limited (BPSL) in relation to its retirement policy issued to over 200 BPSL employees last month. The Tribunal was hearing a challenge to the validity of the Retirement Policy which provides that all BPSL employees who are older...

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The Principal Bench of the National Company Law Tribunal at Delhi has sought response from the Monitoring Committee of debt-ridden Bhushan Power & Steel Limited (BPSL) in relation to its retirement policy issued to over 200 BPSL employees last month.

The Tribunal was hearing a challenge to the validity of the Retirement Policy which provides that all BPSL employees who are older than 60 years shall be retired with effect from July 31, 2020.

The policy was challenged by Madan Kumar Goel, who is currently working as the Deputy General Manager, Indirect Taxation on the ground that BPSL has no power or authority to formulate and implement the policy once the Resolution Plan is approved.

The bench of NCLT President (Acting) BSV Prakash Kumar and Member (Technical) Hemant Kumar Sarangi has provided interim relief in the matter, noting that "no adverse action will be taken against the employee until further orders or until the new Board takes a decision on the issue, whichever is earlier."

Further the Tribunal directed the Monitoring Committee to file a reply within ten days and listed it for hearing on August 28, 2020.

The corporate insolvency resolution process in relation to BPSL commenced in the year 2017, at NCLT, Delhi. In September last year, the Tribunal approved the Resolution Plan in favour of JSW Steel Limited.

The implementation of the Resolution Plan is being monitored by the Monitoring Committee, which includes the erstwhile Resolution Professional and a Steering Committee comprising three largest financial creditors.

Goel was represented by Senior Advocate Sharan Jagtiani and Advocates Ashish Goel, Himanshu Bhushan, Shilpa Goel and Surabhi Agrawal.

BSPL was represented by Senior Advocate Abhinav Vaishisth with Advocates Misha, Vaijayant Paliwal and Charu Bansal.

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