Under IBC, the RP gets 180 days to submit a resolution plan for the company and the timeline can be extended by another 90 days. If the company fails to come up with a solution within the specified time, it has to be liquidated. An email sent to Gupta seeking comments did not elicit any response till the time of going to press. FE had earlier reported that Essar Steel will see a second round of bidding as both the bids have been disqualified by the CoC. Consultancy firm Grant Thornton and law firm Cyril Amarchand Mangaldas were the two advisers to the RP on this matter. The bids were disqualified in the context of the amendment to the IBC, which categorically states that promoters of defaulting companies cannot bid unless they repay all the outstanding loans before submitting their resolution plans.