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Vedanta requests NCLAT to lift stay on status quo on Electrosteel Steels sale- The 19th China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
5/30/2018 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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Indian Express reported that Vedanta has requested the National Company Law Appellate Tribunal (NCLAT) to vacate its May 1 order that said status quo be maintained with regard to the implementation of resolution plan for the debt-ridden Electrosteel Steels till further orders. Advocate CA Sundaram, appearing on behalf of Vedanta, said that the status quo was costing around INR 1.9 crore daily to the lenders involved. He also said that the stay order was causing delay in getting various clearances required to complete the process.
The two-member NCLAT bench, led by its chairman justice S J Mukhopadhaya, was hearing a plea moved by Renaissance Steel (RSIPL) challenging National Company Law Tribunal’s April 17 order that quashed its objections on Vedanta’s eligibility under section 29 A of the IBC and approved Vedanta’s offer.
The appellate tribunal did not consider Vedanta’s appeal, but agreed on hearing the matter on a daily basis from here on. NCLAT had on May 17 admitted RSIPL’s petition challenging Vedanta’s eligibility.
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