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Essar Steel had a debt of Rs 49,000 crore and was referred to NCLT in June last year.(Reuters File Photo)

NCLAT to hear NuMetal, ArcelorMittal petition in Essar Steel case on May 17

Press Trust of India, New Delhi | By Press Trust of India
PUBLISHED ON APR 27, 2018 12:37 PM IST
In the petition, NuMetal said the Ahmedabad-bench of NCLT had disqualified ArcelorMittal India Ltd from bidding to acquire Essar Steel, on grounds that it was a promoter company of firms that had defaulted on payment of bank loans.
Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.(Aniruddha Chowhdury/Mint)
Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.(Aniruddha Chowhdury/Mint)

Essar Steel sale: Vedanta, ArcelorMittal, Numetal-JSW submit fresh bids

Press Trust of India | By HT Correspondent
UPDATED ON APR 02, 2018 06:31 PM IST
In the second round of bidding, JSW has joined hands with the Mauritius-based investment vehicle Numetal for placing its offer.
JSW Steel’s entry depends on whether Essar Steel lenders will allow new bidders to participate in the fresh bidding process.(Reuters File)
JSW Steel’s entry depends on whether Essar Steel lenders will allow new bidders to participate in the fresh bidding process.(Reuters File)

Essar Steel sale: JSW Steel may step in fresh round of bidding

Livemint, Mumbai | By Swaraj Singh Dhanjal
UPDATED ON MAR 22, 2018 05:59 PM IST
If JSW Steel enters the new round of bidding for Essar Steel, it will be the fourth distressed steel asset that the Sajjan Jindal-led company has set its eyes on since the debt resolution process under the insolvency and bankruptcy code began.
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