NCLT okays Electrosteel's Resolution plan

Kolkata: The NCLT on Tuesday approved the resolution plan submitted by Vedanta for Electrosteel Steels, making it first among the 12 large stressed accounts identified by the Reserve Bank in 2017 to get resolved under the Insolvency and Bankruptcy Code.

The NCLT in an order said the “resolution plan of Electrosteel Steels which is approved by the CoC with a voting share of 100 per cent under section 31 (1) of the Insolvency & Bankruptcy Code 2016” has been approved.

The approved resolution plan will come into force with immediate effect, according to the order.