The NCLAT today upheld the approval granted by the NCLT to the resolution plans submitted by Tata Steel and Vedanta for Bhushan Steel and Electrosteel Steel, respectively.
In doing so, the Appellate Tribunal held that Tata Steel and Vedanta were not hit by Section 29A of the Insolvency and Bankruptcy Code (IBC), and were hence eligible to submit a resolution plan in a corporate insolvency resolution process.
"We are not inclined to interfere with the impugned . . .
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