INSUBCONTINENT EXCLUSIVE:
The Supreme Court on Thursday allowed ArcelorMittal and NuMetal to take part in the bidding process for takeover of Essar Steel
The top court gave both the companies two weeks to clear their non-performing assets (NPAs), or bad loans.The National Company Law Appellate
Tribunal (NCLAT) had earlier 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 of dues of the two firms it was previously associated with.The court considered the plea of Committee of
Creditors against liquidation of Essar Steel, granting a fresh opportunity to both the firms
The bench, comprising Justice R F Nariman and Justice Indu Malhotra, took note of the plea of Committee of Creditors that it does not want
liquidation of Essar Steel.The committee will decide on the bidding within eight weeks of payment of bad loans by the two companies, it
ordered.Russia's VTB Bank-promoted firm NuMetal, and steel and mining major ArcelorMittal had challenged the NCLAT's order on the
eligibility of the latter to bid for Essar Steel.Steel and mining major ArcelorMittal has to make a payment of around Rs 7,000 crore to take
part in the Essar Steel biding process.(With inputs from PTI)
