To comply with SC order, the world’s largest steelmaker will clear ₹ 7,469 crore of overdue debts of companies associated with its promoters in order to become eligible to bid for Essar Steel.
The world’s largest steelmaker has increased its bid for Essar Steel. Crucially, it has also committed to clear the dues of Uttam Galva and KSS Petron. But is a commitment good enough?
NCLAT says Numetal’s revised bid without Rewant Ruia as a partner is valid; gives time till Tuesday to ArcelorMittal to clear dues of companies where its promoter and the steelmaker held a stake.
Lenders call for a second round of bids for the bankrupt steel maker even as the 270-day time limit for insolvency resolution under the IBC expires on April 29.
The deadline for submission of financial bids for Essar Steel was more than a week ago. But it is still not clear whether either of the two bidders — ArcelorMittal and Numetal Ltd — will be successful.
