Electrosteel: NCLT asks Tata, Vedanta and IRP to file counter plea

The government had introduced Section 29A, last year, to prevent defaulting promoters from re-acquiring their assets

The National Company Law Tribunal (NCLT) has asked Tata Steel, Vedanta, and the interim resolution professional (IRP) for Electrosteel Steels to file counter-submissions to the petition, moved by Renaissance Steel India, challenging the eligibility of Tata Steel and Vedanta. The process of negotiations with the bidders will continue.
 
The counter submissions have to be filed by March 15. Debanjan Mandal of Fox & Mandal, the legal firm representing Renaissance Steel, said, "After receiving the written responses of all the parties, their respective stands on the issue of eligibility which was raised by Renaissance can be understood." According to Renaissance