Anil Agarwal group-owned Vedanta has moved closer to take over bankrupt Electrosteel Steels Ltd after its eligibility was approved by the committee of creditors (CoC) in a meeting held today, sources said.
Sources close to the development indicated that in the meeting, the eligibility of both Vedanta and Tata Steel were cleared by the CoC after the Resolution Professional (RP) explanation in the wake of objections raised by Renaissance Steel against the two rival bidders.
Vedanta had already emerged as the highest (H1) bidder in its takeover bid.
Sources also said that the decision would be conveyed to the National Company Law Tribunal (NCLT) and a hearing is expected on April 2.
The NCLT on March 20 had directed the RP to give a copy of its decision to make Vedanta the highest bidder, along with an explanation as to why it felt that Vedanta and Tata Steel are eligible for bidding.
NCLT had also asked the RP to submit a copy of its decision along with the objections of Dalmia group firm to CoC.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
