Renaissance Steel contends that one of the UK subsidiaries of Tata Steel had flouted the UK Health and Safety at Work Act, pursuant to which fines were imposed on it. Hence, it is ineligible under the IBC.
An NCLAT bench headed by Justice S.J. Mukhopadhyay issued notice to the resolution professional for Electrosteel and Tata Steel asking them to file their replies within seven days.
The counsel for Tata Steel submitted that such a declaration would be “infructuous” and “academic” as Tata Steel is not the highest bidder for the debt ridden steel manufacturer. Read More