Illustation: Sameer PawarIn early January, news of Anil Agarwal-backed Vedanta Resources emerging as a bidder for debt-laden Electrosteel Steels sent the latters stock soaring. While Vedanta wasnt the only bidderEdelweiss Asset Reconstruction Company, Tata Steel and Abhishek Dalmia-promoted Renaissance Steel were also in the fraythe process marked the beginning of proceedings under the Insolvency and Bankruptcy Code (IBC).
If the Electrosteel bid goes ahead (the insolvency professional could still reject the bids) it would be the first time an Indian company is sold after ousting the promoters and the lenders taking a significant haircut on the 10,000 crore (13,000 crore with interest) loan due. T…
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