Essar Steel insolvency case: Second round bids to be opened today Noor Arora
The second round of bids for Essar Steel will be opened in the presence of lenders on Monday, sources close to the development said. The offers by three bidders — Numetal (minus Aurora Enterprises), ArcelorMittal, and Vedanta — will be opened in line with the September 7 order of the National Company Law Appellate Tribunal (NCLAT). Numetal was joined by JSW as an investor in a step-down subsidiary and ArcelorMittal with Nippon Steel. In the second round, Numetal had dropped Aurora Enterprises, of which Rewant Ruia is the ultimate beneficiary, which made its bid eligible. Rewant Ruia is the son of Ravi Ruia, a promoter of Essar. According to the NCLAT order, ArcelorMittal has time till September 11 to clear its dues on account of defaulting firms, Uttam Galva Steels and KSS Petron, to become an eligible bidder for Essar. So, though bids will be opened on Monday, Arcelor will have time till Tuesday to make its second offer eligible.
ARTICLE SOURCE: BS