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Insolvency: NCLAT puts on hold resolution process for Essar Steel

The next date of hearing in the NCLAT has been set for July 23, after which it will be heard on a daily basis

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The battle for Essar Steel will also see how courts interpret Section 29A of the Insolvency and Bankruptcy Code, which bars promoters of defaulting firms from bidding for stressed assets

Ishita Ayan Dutt Kolkata

Last Updated : May 22 2018 | 10:18 PM IST

Kolkata: The National Company Law Appellate Tribunal (NCLAT) has put on hold the resolution process for Essar Steel.

The appellate tribunal has asked the resolution professional, Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT) to refrain from passing any order in the matter related to the insolvency resolution of Essar Steel, including liquidation.

The stipulated 270-day deadline for resolution under the Insolvency and Bankruptcy Code (IBC) for Essar Steel ended on April 29. However, the NCLT Ahmedabad Bench had excluded the period when the application was filed in the tribunal and the order was pronounced. The revised deadline was

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