Second successful NPA resolution: Vedanta has finally forayed into the steel industry by offering a cheque of Rs 5,300 crore to buy out bankrupt Electrosteel Steels under the newly-adopted Insolvency and Bankruptcy Code. this is the second successful\u00a0resolution under the IBC law from the very first list of big defaulters known as the Reserve Bank of India's 'Dirty Dozen'. The deal is subject to final approval from National Company Law Appellate Tribunal (NCLAT). Vedanta, after winning the bid for Electrosteel, got the final nod from the insolvency court on April 17 - before hitting the 270-day resolution deadline. However, some petitions dragged the resolution a little further. On March 30, Vedanta has declared the highest bidder for\u00a0Electrosteel Steels, which has a loan default of\u00a0Rs 10,273\u00a0crore. This comes days after Tata Steels' buyout of bankrupt Bhushan Steels for\u00a0Rs 36,400 crore, which was hailed as a\u00a0historic breakthrough in resolving legacy issues of banks. The Reserve Bank of India (RBI) identified\u00a012 big accounts constituting 25% of India's total NPA for immediate resolution. While Bhushan Steel and Electrosteel have been resolved successfully, other 10 are at different stages of resolution.\u00a0Electrosteel Steels owes lenders more than Rs 13,000 crore, of which about Rs 5,000 crore is to State Bank of India alone. Vedanta\u00a0will hold approximately 90% of the paid-up share capital of Electrosteel. Companies with around 22 million tonne (MT) of crude steel capacity were referred to NCLT in the first round of the stressed assets resolution. Crisil has said that the successful\u00a0resolution of these cases will alter India\u2019s steel sector landscape. "About a fifth of India\u2019s crude steel capacity held by these companies will move to stronger hands resulting in better working capital and liquidity management," Crisil said.