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NCLAT admits Renaissance Steel plea against Vedanta bid on Electrosteel

Press Trust of India  |  New Delhi 

The (NCLAT) today admitted the petition of Renaissance Steel challenging Vedanta's bid for debt ridden

A two member bench of the tribunal headed by Justice S J Mukhopadhaya admitted the plea and directed to list the matter on May 28.

Renaissance Steel's resolution application was rejected by the the (CoC) of Steels.

Steels owes lenders more than Rs 13,000 crore, of which about Rs 5,000 crore is to alone.

On May 1, NCLAT had directed that status quo be maintained in the case pertaining to the sale of debt ridden to Ltd.

Renaissance has submitted before NCLAT that is not eligible to bid for Electrosteel under section 29 A of the Insolvency & Bankruptcy Code.

It said one of Vedanta's affiliates in a unit of its UK-based parent Resources Plc had been found guilty of criminal misconduct punishable with two or more years in jail.

Renaissance Steel also raised an objection against the CoC's decision to not allow it to participate in the meeting in which the successful bidder was decided.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 14:15 IST