The National Company Law Appellate Tribunal (NCLAT) on Tuesday ordered status quo in the insolvency process of Electrosteel Steels India Pvt Ltd. The NCLAT has also directed the steering committee, if any appointed, not to spend any amount except as required for the day-to-day operations of Electrosteel.
A bench headed by S.J. Mukhopadhyay was hearing an appeal moved by Renaissance Steel India against the April order of the National Company Law Appellate Tribunal, Kolkata bench. The Kolkata bench of the NCLT had approved of Vedantas Rs 5,320-crore resolution plan (for Electrosteel).
Renaissance Steel, it may be recalled, had opposed the resolution plan, stating that Vedanta was not eligible to bid for Electrosteel since one of Vedantas…
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