The first meeting of the Committee of Creditors (CoC) of Electrosteel Steels, which will eventually approve a resolution plan under the Insolvency and Bankruptcy Code (IBC), will be held on August 21. The CoC is likely to confirm the appointment of the resolution professional (RP) to oversee the corporate insolvency resolution process. During a hearing on Wednesday, interim resolution professional (IRP) Dhaivat Anjaria’s counsel Siddhartha Datta informed the tribunal that the first meeting of committee of creditors (CoC) would be held on August 21. The tribunal has asked for the second progress report before the next hearing, on August 24. The Kolkata bench of the National Company Law Tribunal (NCLT), on July 21, had admitted the petition filed by the State Bank of India (SBI) against Electrosteel Steels and appointed Dhaivat Anjaria, partner in consultancy firm PwC, as the IRP.
The company, which owes lenders `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).