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The National Company Law Appellate Tribunal (NCLAT) on Tuesday ordered status quo in the insolvency process of Electrosteel Steels India Pvt Ltd. The NCLAT has also directed the steering committee, if any appointed, not to spend any amount except as required for the day-to-day operations of Electrosteel.
A bench headed by S.J. Mukhopadhyay was hearing an appeal moved by Renaissance Steel India against the April order of the National Company Law Appellate Tribunal, Kolkata bench. The Kolkata bench of the NCLT had approved of Vedanta’s Rs 5,320-crore resolution plan (for Electrosteel).
Renaissance Steel, it may be recalled, had opposed the resolution plan, stating that Vedanta was not eligible to bid for Electrosteel since one of Vedanta’s 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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