NCLT to hear Renaissance plea over Electrosteel bid on Mar 15

The NCLT will on March 15 hear Renaissance Steel India Pvt Ltd's petition challenging the eligibility of Vedanta and Tata Steel to bid for debt-laden Electrosteel Steels.
"The petition filed by Renaissance Steel has been fixed for hearing on March 15 before the NCLT. The opposite parties namely Vedanta and Tata Steel... are to file the responses by that time," said Debanjan Mandal of Fox & Mandal, the advisors to Renaissance Steel.
He said two petitions were filed pointing to the ineligibility of Vedanta and Tata Steel to bid for Electrosteel Steels, under 29(A) of the Insolvency and Bankruptcy Code.

The liquidation value of Electrosteel Steels is Rs 2,900 crore.