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Monday, December 23, 2024 | 04:48 AM ISTEN Hindi

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Battle for Essar Steel: JSW plans to go solo if fresh bids are allowed

No express bar on the right of CoC for inviting a fresh bid

Essar Steel
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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 DuttVinay Umarji
JSW Steel may go it alone as the committee of creditors (CoC) for Essar Steel decides to consider a fresh round of bids altogether.

JSW Steel is pointing towards a part of the NCLT order, which was uploaded on Saturday, which says “in the option no. 1, it has been suggested to initiate a new process for inviting bids from all interested parties (starting with initiation of new expression of interest) and follow the entire process as per new request for proposal as approved by the CoC, which were not considered as viable and appropriate by the CoC keeping in

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