During the pendency, the parties may act as far the approved resolution plan and the resolution applicant may deposit the upfront amount to Committee of Creditors subject to the order of the appeal," the NCLAT bench headed by Chairman Justice S J Mukhopadhaya said.A two-member bench also said this payment would be subject to the outcome of the petition filed by Renaissance Steel challenging Vedanta's bid.

The National Company Law Appellate Tribunal (NCLAT) today allowed Vedanta Ltd to make an upfront payment of Rs 5,320 crore to lenders for acquisition of Electrosteel Steels.Renaissance had submitted before the NCLAT that Vedanta is not eligible to bid for Electrosteel under section 29 A of the Insolvency and Bankruptcy Code as one of Vedanta's affiliates in Zambia -- a unit of its UK-based parent Vedanta Resources Plc -- had been found guilty of criminal misconduct.Earlier on May 1, NCLAT had directed maintaining status quo in the case pertaining to the sale of the debt-laden firm to Vedanta Ltd. The appellate tribunal also reserved its order over Renaissance Steel's petition.Electrosteel owes lenders more than Rs 13,000 crore, of which about Rs 5,000 crore is to State Bank of India alone. # On May 17, NCLAT admitted the petition of Renaissance Steel challenging Vedanta's bid for debt-ridden Electrosteel.On May 17, NCLAT admitted the petition of Renaissance Steel challenging Vedanta's bid for debt-ridden Electrosteel.Last month, the Kolkata bench of the National Company Law Tribunal (NCLT) had cleared Vedanta's Rs 5,320-crore resolution plan for Electrosteel, rejecting objections by Renaissance Steel

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