Insolvency resolution: Vedanta, Tata Steel submit bids for Electrosteel

Electrosteel Steels, which owes Rs 102.73 crore to its lenders, was among the 12 companies which the Reserve Bank of India (RBI) had referred for insolvency proceedings

Debt-laden Electrosteel said four companies including Vedanta and Tata Steel have submitted bids to its Resolution Professional (RP), under the insolvency resolution process.

Electrosteel Steels, which owes Rs 102.73 billion (Rs 10,273.6 crore) to its lenders, was among the 12 companies which the Reserve Bank of India (RBI) had referred for insolvency proceedings.

The company said the corporate insolvency resolution process, in terms of Insolvency and Bankruptcy Code, 2016 (IBC), was commenced against it pursuant to the order dated July 21, 2017 passed by National Company Law Tribunal (NCLT), Kolkata bench.

The company said in a BSE filing that the RP has on close of business on January 4, 2018 received 4 resolution plans.

It said the plans have been received from "Renaissance Steel India Private Ltd, Tata Steel Ltd, Vedanta Ltd and Edelweiss Alternative Asset Advisor Pte Ltd acting as the investment advisor of EISAF II and EC Holdings, with support of Edelweiss Asset Reconstruction Company Ltd".

January 4 was the last the date to submit the bids in relation to the CIR (corporate insolvency resolution) process of Electrosteel Steels, it said.