Electrosteel Steels goes to Vedanta, first of 12 IBC cases resolved

The value of the bid is Rs 53.20 bn, against admitted claims worth Rs 133 bn

The Kolkata Bench of the National Company Law Tribunal (NCLT) has approved Vedanta's resolution plan for Electrosteel Steels, paving the way for the debt resolution of the first of 12 cases mandated by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (IBC).

The resolution plan, which was approved by a 100 per cent vote by the committee of creditors (CoC), will come into force with immediate effect, according to the NCLT order. The stipulated 270-day period, by when debt resolution for Electrosteel Steels was to be approved, ended on Tuesday.

Vedanta Resources Chairman Anil Agarwal told