New Delhi : The National Company Law Appellate Tribunal (NCLAT) on Thursday admitted the petition of Renaissance Steel challenging Vedanta’s bid for debt ridden Electrosteel.
A two member bench of the tribunal headed by Chairman Justice S J Mukhopadhaya admitted the plea and directed to list the matter on May 28. Renaissance Steel’s resolution application was rejected by the Committee of Creditors (CoC) of Electrosteel.
Electrosteel owes lenders more than Rs 13,000 crore, of which about Rs 5,000 crore is to State Bank of India alone.
On May 1, NCLAT had directed that status quo be maintained in the case pertaining to the sale of debt ridden Electrosteel to Anil Agrawal-promoted Vedanta.
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