Essar Steel Resolution May Face Further Delay - Report

- Apr 16, 2018-

The Hindu reported that Essar Steel’s bankruptcy resolution may face further delays after the Ahmedabad bench of the National Company Law Tribunal (NCLT) declined to modify an order barring the resolution professional (RP) from opening the second round of bids for the firm till it pronounces judgement on the eligibility of the first-round bidders.

The report quoted a source as saying that “The court refused to modify the order for permitting RP to open the bid and has also refused to pronounce an operative order by tomorrow.”

He added “The bench has indicated that it will come out with entire order by April 16.”

The 270 day deadline for concluding Essar Steel’s resolution ends on April 29, after which the firm will go into liquidation.

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