NCLT asks Electrosteel IRP to file appointment

NCLT asks Electrosteel IRP to file appointment
08/09/2017 , by , in ALLIED

The Kolkata bench of the National Company Law Tribunal (NCLT) on Wednesday directed Electrosteel Steels’ interim resolution professional (IRP) to file an application before it, confirming his appointment by the Committee of Creditors (CoC). The tribunal will hear the case on September 18.

On Wednesday, IRP Dhaivat Anjaria’s counsel Prapa Ganguly submitted the minutes of the first meeting of the CoC before the division bench of the tribunal, comprising Justices Vijai Pratap Singh and Jinan KR. Reading out from the minutes of the meeting, Ganguly informed the bench that the CoC has approved the appointment of Anjaria as the IRP.

She said the minutes contained the list of the financial creditors who attended the meeting. Under the Insolvency and Bankruptcy Code (IBC), the CoC will eventually approve a resolution plan for the company.

After hearing the counsel representing the IRP, Justice Singh directed Anjaria to file an application before the bench, confirming that he has been appointed as the interim resolution professional for Electrosteel Steels.

On July 21, the NCLT had admitted State Bank of India’s (SBI) petition against Electrosteel Steels and appointed Anjaria, partner at PwC, as the IRP. The company, which owes lenders Rs 11,309 crore, was referred to the bankruptcy court under Section 7 of the IBC following a nudge from the Reserve Bank of India (RBI).

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