NCLT approves Vedanta's resolution plan for insolvent Electrosteel

The National Company Law Tribunal's (NCLT) Kolkata bench on Monday approved Vedanta Ltd's resolution plan for the insolvent Electrosteel Steels Ltd.

During the insolvency proceedings, the debt-laden company's resolution professional had submitted Vedanta's resolution plan before the bench for final disposal after lenders declared it as "successful resolution applicant".

"The approved (by Committee of Creditors) resolution plan shall come into force with immediate effect," the order said.

Vedanta informed stock exchanges that it was declared "successful resolution applicant" under the insolvency process and had received the Letter of Intent. The company also said it had accepted the terms outlined in it.