INSUBCONTINENT EXCLUSIVE:
ArcelorMittal's bid will be considered if it pays dues by September 11.New Delhi: ArcelorMittal on Monday moved the Supreme Court
challenging the NCLAT order which held that Numetal's Rs 37,000 crore in second-round bid for Essar Steel was valid
The National Company Law Appellate Tribunal (NCLAT) had also asked the rival bidder ArcelorMittal to clear Rs 7,000 crore dues of its
previously associated firms to qualify for the acquisition
"The petition challenging the NCLAT order has been filed," the counsel for ArcelorMittal said
asked lenders, who are auctioning Essar Steel to recover over Rs 49,000 crore of unpaid loans, to consider the second round bids of Numetal
and mining baron Anil Agarwal-led Vedanta
other bidder besides Numetal in round-1, the NCLAT held that it needs to remove the "stigma of defaulter" attached to it because of its
Numetal in February was ineligible as the firm was 25 per cent owned by Rewant Ruia, scion of Essar Steel's promoter Ruia family
Mittal-led ArcelorMittal had in February submitted separate bids to takeover Essar Steel
The Committee of Creditors (CoC), however, disqualified both bids saying their promoters were tied to companies, which were bank loan
defaulters and so ineligible under Section 29A of the Insolvency and Bankruptcy Code
The second round of bids was called where JSW Steel joined NuMetal to put in a bid of Rs 37,000 crore, while Vedanta Ltd entered the fray as
the National Company Law Tribunal (NCLT), which did not give any relief to the bidders but has asked the CoC to take another look at the
bids before disqualifying them
After the NCLT order, AMI had offered to repay any outstanding loans owed by Uttam Galva Steels Ltd, where it held promoter stake, and KSS
The steelmaker had placed Rs 7,000 crore in an escrow account, with the condition that lenders disqualify Numetal's bid.
