Numetal and ArcelorMittal are eligible to bid for Essar Steel, says NCLAT Noor Arora
The National Company Law Appellate Tribunal (NCLAT) on Friday said that Numetal and ArcelorMittal are eligible to bid for Essar Steel. ArcelorMittal has three days to clear its dues and become a standard asset to bid for Essar Steel. The tribunal has ordered that Committee of Creditors (CoC) should negotiate to get the highest value. With this, NCLT Ahmedabad bench order has been set aside. Numetal had moved the National Company Law Appellate Tribunal against NCLT, which allowed ArcelorMittal to bid for Essar Steel by paying up dues within 30 days. ArcelorMittal had filed a separate appeal against being disqualified to bid for Essar Steel. Numetal had told NCLAT that it was revising its bid for beleaguered steel giant Essar Steel. In court, Numetal has said that it is willing to offer Rs 370 billion for Essar Steel in the second round of bids.
ARTICLE SOURCE: BS