SC grants one more opportunity to ArcelorMittal, NuMetal To Bid For Essar Steel

NEW DELHI: The Supreme Court bench comprising Justices R F Nariman and Indu Malhotra on thursday granted one more opportunity to mining major ArcelorMittal and Russia’s VTB Capital-backed NuMetal to bid for Essar Steel if they clear their NPA dues in two weeks.

The top court asked the Committee of Creditors to take a decision within eight weeks on rival bids of NuMetal and ArcelorMittal for Essar Steel. ArcelorMittal had alleged NuMetal was not eligible to bid for Essar Steel on several grounds, including that it was a “shell company” created by a firm in which Essar group promoters had majority shares, and if they had to become eligible they would.

NCLAT had ruled that NuMetal’s second bid for Essar Steel was eligible, but the same by ArcelorMittal would qualify only if it cleared the Rs 7,000 crore dues of two firms it was previously associated with.

The Supreme Court had directed the Committee of Creditors to take a decision within eight weeks on rival bidsof NuMetal and ArcelorMittal for Essar Steel. SJK ABA PKS RKS PKS DV DV.

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