State Bank of India on Thursday pushed back the sale of its Rs 15,431 crore exposure to Essar Steel India on full-cash basis to February 11, against the earlier scheduled auction date of January 30. \u201cPursuant to the request of certain potential buyers, the date for e-auction and the timeline for the submission of expression of interest and the non-disclosure agreement (if not already executed), as set out in the e-auction notice is further extended,\u201d the announcement said. The extension comes on the heels of directions by the National Company Law Appellate Tribunal (NCLAT) on Wednesday asking the Ahmedabad bench of the National Company Law Tribunal (NCLT) to pass an order by January 31 on the resolution of the debt-ridden Essar Steel. More than 500 days have passed since the petition against Essar Steel was admitted by the NCLT, Ahmedabad, on August 2, 2017. READ ALSO |\u00a0Now, get your electricity bill on WhatsApp; BSES launches new service for customers in Delhi The NCLAT has further stated that in case the NCLT bench fails to pass an order by January 31, it would call for the matter and pass an order accordingly on the next date of hearing, scheduled for February 4. The NCLAT directions were based on an application filed by ArcelorMittal, that was also supported by the committee of creditors, which sought further direction from the NCLAT in its January 3 order that asked the Ahmedabad bench to dispose of the Essar Steel resolution matter on an early date, as per the order passed by the Supreme Court in this regard. According to a notice last week, the state-run lender was offering its exposure to Essar Steel at a reserve price of `9,588 crore, based on the net present value of minimum recovery discounted at 18% with a time factor of one year. If the NCLT approves ArcelorMittal\u2019s proposed resolution plan, the bank\u2019s minimum recovery would be `11313.42 cr. According to a source who did not wish to be named, the claw back clause based on time factor, mentioned in the notice for sale, has proved a deterrent. The clause caps the profit the bidder can make, in case Essar Steel\u2019s resolution is fast tracked so that the buyer would have to pay SBI the additional amount recovered so that the annualised return remains 18%. As is known, more than 90% of the committee of creditors had voted in favour of the bid by ArcelorMittal which promised `39,500 crore by way of cash upfront, and currently awaits approval from the NCLT for execution. A day after, Essar Steel promoters offered to pay `54,389 crore towards a full settlement of the entire admitted claims of the financial creditors, operational creditors, and workmen and employees of Essar Steel.