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The NCLAT on Tuesday ordered status quo in the insolvency process of Electrosteel Steel India Pvt Ltd.
A Bench headed by SJ Mukhopadhyay was hearing an appeal moved by Renaissance Steel India against the April order of the Kolkata Bench of the NCLAT, which had approved Vedanta’s ₹5,320-crore resolution plan for the company. Renaissance said Vendanta was not eligible to bid for Electrosteel since one of its affiliates — a unit of its UK-based parent Vedanta Resources Plc — had been found guilty of criminal misconduct punishable with two or more years in jail. The matter will be heard again on May 17.
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