Resolution professional to justify eligibility of Electrosteel bidder: NCLT

The Kolkata bench of the National Company Law Tribunal (NCLT) has directed the resolution professionals (RPs) for Electrosteel Steels to provide reasons for the eligibility of bidders Tata Steel and Vedanta in three days. The decision of the RPs has been challenged by Renaissance Steel India.

Renaissance will have three days to file objections. Then, the RPs will have to place before the committee of creditors (CoC) their decision, along with the objections.

Also a bidder for Electrosteel, Renaissance had challenged the eligibility of the other bidders under Section 29(A) of the Insolvency and Bankruptcy Code (IBC). According to it,