NCLAT declines to stay ElectroSteel Steels' delisting
Updated : June 28, 2018 11:11 AM IST
The National Company Law Appellate Tribunal (NCLAT) on Wednesday refused to stay the delisting process of debt-ridden firm ElectroSteel Steel under the resolution plan by its bidder Vedanta Ltd.
A two-member bench headed by Chairman Justice S J Mukhopadhaya refused to stay delisting of Electrosteel Steel, over the plea filed by Renaissance Steel, whose bid was rejected by the Committee of Creditors (CoC) of the debt ridden firm.
The appellate tribunal said that any steps over Electrosteel would be subject to the outcome of its final decision.
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