Renaissance Steel has approached the National Company law Appellate Tribunal (NClAT) requesting to declare “ineligible” the Tata Steel's bid for the debt-ridden Electrosteel Steels under the Insolvency and Bankruptcy Code.
An NClAT bench headed by Chairman Justice S J Mukhopadhyaya has issued notice to Tata Steel, which was the second highest bidder, and the resolution professional of Electrosteel over it. It has also directed them to file reply within a week and directed to list the matter for hearing on May 28.
In its petition, Renaissance Steel has requested the NClAT to “pass an appropriate order declaring Tata Steel ltd as ineligible under section 29 (D)” under the Insolvency and Bankruptcy Code.