NCLAT to hear ArcelorMittal, NuMetal pleas over Essar bid eligibility tomorrow - Hindustan Times
close_game
close_game

NCLAT to hear ArcelorMittal, NuMetal pleas over Essar bid eligibility tomorrow

Press Trust of India, Mumbai | ByPress Trust of India
May 29, 2018 02:56 PM IST

Russia’s VTB Capital-based NuMetal and ArcelorMittal are vying for Essar Steel, which operates a 10-million-tonne-a-year steel plant with about 11,000 employees.

The National Company Law Appellate Tribunal (NCLAT) would hear the appeals filed by Essar Steel resolution applicants - NuMetal and Arcelor Mittal on Wednesday.

A building of the ArcelorMittal steel plant is seen in Ghent, Belgium.(REUTERS)
A building of the ArcelorMittal steel plant is seen in Ghent, Belgium.(REUTERS)

The appellate tribunal’s direction came over a petition filed by the lenders of debt-ridden Essar Steel requesting an early hearing on account of loss of money because of delays.

Now catch your favourite game on Crickit. Anytime Anywhere. Find out how

It was earlier scheduled for hearing on July 23.

On May 22, NCLAT had ordered status quo on the insolvency of Essar Steel for two months as it admitted petitions of NuMetal and ArcelorMittal over the bidding eligibility.

State Bank of India (SBI) filed the petition in NCLAT on behalf of the committee of creditors (CoC) of Essar Steel seeking the “earliest possible date for hearing on a day-to-day basis.”

The NCLAT had on May 22 ordered hearing on the appeals on a daily basis from July 23-26.

Russia’s VTB Capital-based NuMetal and ArcelorMittal are vying for Essar Steel, which operates a 10-million-tonne-a-year steel plant with about 11,000 employees.

NuMetal and ArcelorMittal have filed petitions in NCLAT challenging the disqualification of their first round of bids.

Both NuMetal and ArcelorMittal put in the second round of bids after the first bids were opined to be invalid -- NuMetal because of it being 25% owned by Aurora Trust of Ruia family, the promoters of Essar Steel; and ArcelorMittal because it held shares in loan defaulting companies Uttam Galva Steel and KSS Petron.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, June 13, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On