Renaissance Steel India, on Monday said, it will file an application before the Kolkata Bench of the National Company Law Tribunal (NCLT) challenging the Committee of Creditors’ (CoC) decision that Vedanta and Tata Steel are the eligible bidders for Electrosteel Steels.
Meanwhile, the Resolution Professional (RP) today submitted Vedanta’s resolution plan, already approved by the CoC, before the Tribunal. It has also filed the progress report before the Bench.
The CoC, at its meeting held recently, took a decision that both Vedanta and Tata Steel were the “eligible bidders’’ for the insolvent steel maker.
“We will be filing an application today challenging the CoC’s decision to consider Vedanta and Tata as eligible bidders,” advocate Ratnanko Banerjee, counsel for Renaissance, said.
Next hearing is scheduled on April 4 during which the application by Renaissance will also be heard by the Bench comprising Justice Jinan KR and Justice Madan Balachandra Gosavi.
Abhishek Dalmia-led Renaissance Steel, one of the resolution applicants for Electrosteel Steels, had earlier alleged that its two rival bidders – Vedanta and Tata - were not eligible to bid as per Section 29A of the Insolvency and Bankruptcy Code (IBC).
The Kolkata Bench of NCLT had, on March 20, directed the Resolution Professional to place all the objections of Renaissance Steel against its two rival bidders before the CoC for an “independent consideration’’ of the committee.