The National Company Law Appellate Tribunal (NCLAT) on Wednesday allowed Vedanta Ltd. to make an upfront payment of ₹5,320 crore to lenders for the acquisition of Electrosteel Steels.
A two-member Bench, headed by Chairman Justice S.J. Mukhopadhaya, aid this payment would be subject to the outcome of the petition filed by Renaissance Steel challenging Vedanta’s bid. The Bench also clarified that if Renaissance Steel wins the case, then the Committee of Creditors will have to return the money to Vedanta.
