Insolvency proceedings: Tribunal seeks Electrosteel Steels bid details

Apart from Vedanta, Tata Steel, Renaissance Steel, Edelweiss Asset Reconstruction had also submitted resolution plans

The National Company Law Appellate Tribunal (NCLAT) today ordered the lenders of Electrosteel Steels to submit evaluation criteria and comparative charts showing the score matrix done by it of the top three bidders in insolvency resolution proceedings. 

In addition, the tribunal has asked the resolution professional and the committee of creditors to submit statements of offers made by the top three bidders for the beleaguered Electrosteel Steel. 

It stated that the matter would be heard on May 17 and ordered the parties to maintain status quo on the resolution plan submitted by Vedanta. This follows Renaissance Steel’s appeal in the