Monnet Ispat and Energy (Rs 12,115 crore) and Electrosteel Steels (Rs 10,273.59 crore). Once these cases are referred to IBC, the lenders to these companies would need to set up a committee that will come up with a plan for resolution. If that cannot be done in a period of 180 days — this can be extended to 270 days — the borrowing entity will go into liquidation. But, steel firms’ promoters have the option of challenging the insolvency proceedings in the High Courts. Essar Steel is the first firm to do it in the Gujarat High Court. Cases mired in litigations can potentially delay and cripple the process of resolution of stressed assets.