Vedantas bid to acquire the bankrupt Electrosteel Steels received the final nod from the Kolkata Bench of the National Company Law Tribunal (NCLT) on Tuesday.
The Division Bench comprising Justice Jinan KR and Justice Madan Balachandra Gosavi, in its order on Tuesday, said that the approved resolution plan (RP) shall come into force with immediate effect.
Electrosteel is among the first 12 large corporate accounts identified by the Reserve Bank of India for resolution under corporate insolvency resolution process.
By approving Vedantas resolution plan, the Division Bench comprising Justice Jinan KR and Justice Madan Balachandra Gosavi dismissed the rival bidder Renaissance Steel Indias allegation that the company was not an eligible bidde…
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