Renaissance to challenge decision on Vedanta, Tata Steel eligibility

Renaissance, also a bidder for Electrosteel, had challenged the eligibility of the two bidders under Section 29A of the IBC

Renaissance Steel India will be challenging the resolution professional’s decision to declare Vedanta and Tata Steel as eligible bidders for Electrosteel Steels in the Kolkata bench of the National Company Law Tribunal (NCLT). 

Abhishek Dalmia, chairman, Renaissance Group, said, “The reasons given for eligibility by the resolution professional were not substantive enough in our view. The legal move could be as early as Monday.”

Meanwhile, the resolution professional is also trying to bring the process to a logical conclusion. On Thursday, the committee of creditors met and took an independent decision that Tata Steel and Vedanta were eligible bidders. By