Place Renaissance's objections before creditors, NCLT tells Electrosteel RP

Kolkata: The National Company Law Tribunal's (NCLT) Kolkata bench on Tuesday directed the resolution professional (RP) of the insolvent Electrosteel Steels to "place all the objections" of Renaissance Steel against its two rival bidders - Tata Steel and Vedanta - before the Committee of Creditors (CoC) for an "independent consideration" of the committee.

"The RP is directed to place all the objections of the applicants with supporting documents before CoC with a copy of this order for its independent consideration as per provisions to Section 30 of the Code," the order said.

Abhishek Dalmia-led Renaissance Steel, earlier, had alleged the resolution plans submitted by Tata Steel and Vedanta were not eligible to bid for the insolvent steel maker as per the Section 29A of the Insolvency and Bankruptcy Code (IBC).

In his order, Justice Jinan K.R. said: "A copy of the decision taken by the RP in respect of eligibility of resolution applicant Tata Steel and Vedanta as per Section 29A, with supporting reasons for taking the decisions is to be given to the applicant (Renaissance) within three days of date of this order with proper acknowledgement."

The order further said: "The applicants are allowed to submit its reply or its further objections if any to the decisions taken by the RP to him in person or through by e-mail within three days of the date of receipt of the copy of the decision as directed above."