Insolvency resolution: Tatas, Vedanta defend bids for Electrosteel

An independent assessment of Tata Steel and Vedanta 's eligibility was done and they were found to be eligible

Counsel for Vedanta and Tata Steel on Thursday argued before the Kolkata bench of the National Company Law Tribunal (NCLT) that their clients were eligible bidders for Electrosteel Steels, currently undergoing insolvency resolution.
 

Renaissance Steel India, also a bidder for Electrosteel, had moved the tribunal, challenging the eligibility of Tata Steel and Vedanta. Tata Steel UK was convicted in an industrial accident, while Konkola Copper Mines, a subsidiary of Vedanta Resources plc, was guilty of environmental pollution in Zambia.
 

The government had last year introduced Section 29A in the Insolvency and Bankruptcy Code (IBC) to prevent defaulting promoters from re-acquiring