SBI pushes Essar Steel auction deadline to Feb 11 on developments at NCLAT

The appellate tribunal has directed the Ahmedabad Bench of NCLT to pass an order on the insolvency resolution of Essar Steel on Jan 31

State Bank of India (SBI) has extended the deadline of e-bidding of its loan exposure to Essar Steel to February 11. It has also extended the deadline for the submission of expression of interest (EoIs) for the bidding to January 30.  
 

SBI was slated to auction the debt of Rs 15,431 crore to Essar on January 30. The last date for submission of EoIs was earlier extended from January 18 to January 23 "pursuant to the request of some potential buyers", according to an SBI notification.

The extension of deadline follows developments in the National Company Law Appellate Tribunal (NCLAT) on Wednesday. The appellate tribunal has directed the Ahmedabad Bench of NCLT (National Company Law Tribunal) to pass an order on the insolvency resolution of Essar Steel on January 31. A two-member Bench of NCLAT had said that if NCLT did not pass any order by January 31, NCLAT would take up the matter on February 4.