KOLKATA | MUMBAI: The Committee of Creditors (CoC) to the debt-laden Electrosteel Steels late Thursday chose resources conglomerate Vedanta Ltd as the highest bidder for the company, backing the earlier decision of the resolution professional.The CoC, led by the State Bank of India, rejected the contentions of Renaissance Steel India that had questioned the eligibility of Vedanta and Tata Steel as bidders for Electrosteel in the dedicated bankruptcy process. Vedanta didn’t comment on the outcome of the lenders’ meeting. On Thursday, Renaissance representatives raised several objections but these were rejected by the CoC.“We are disappointed obviously. We will approach the courts on April 2,” a top executive in Renaissance told ET.ELIGIBILITY ISSUEThere was seemingly no discussion Thursday on the eligibility issue of the two bidders. Electrosteel Steels, which owes about Rs 10,750 crore to lenders, may be the first stressed asset in the steel sector to be resolved within the 270-day resolution deadline that ends April 17.

Source: Economic Times March 30, 2018 01:41 UTC