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NCLT approves Vedanta's resolution plan for insolvent Electrosteel

"The approved (by Committee of Creditors) resolution plan shall come into force with immediate effect," the order said

IANS  |  Kolkata 

Electrosteel may see a higher revision in bids from all four companies

The National Company Law Tribunal's (NCLT) Kolkata bench on Monday approved Ltd's for the insolvent Steels Ltd.

During the insolvency proceedings, the debt-laden company's resolution professional had submitted Vedanta's before the bench for final disposal after lenders declared it as "successful resolution applicant".

"The approved (by Committee of Creditors) shall come into force with immediate effect," the order said.

informed stock exchanges that it was declared "successful resolution applicant" under the insolvency process and had received the Letter of Intent. The company also said it had accepted the terms outlined in it.

First Published: Tue, April 17 2018. 16:43 IST
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