Ripples Advisory, Electrosteel Steels goes to Vedanta, first of 12 IBC cases resolved
The value of the bid is Rs 53.20 bn, against admitted claims worth Rs 133 bn
The Kolkata Bench of the National Company Law Tribunal (NCLT) has approved Vedanta's resolution plan for Electrosteel Steels, paving the way for the debt resolution of the first of 12 cases mandated by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (IBC).
The resolution plan, which was approved by a 100 per cent vote by the committee of creditors (CoC), will come into force with immediate effect, according to the NCLT order. The stipulated 270-day period, by when debt resolution for Electrosteel Steels was to be approved, ended on Tuesday.
Vedanta Resources Chairman Anil Agarwal told Business Standard, “We look forward to working with the existing workforce at Electrosteel Steels. Though the business is not doing well, the team is good. We don’t plan any job cuts.” Agarwal added though it was a new business for Vedanta, the existing management committee had the expertise to take care of it. He, however, said Electrosteel might require a lot of initial funding since it was not in good shape.
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