The resolution process for Essar Steel may undergo another round of bidding with sources indicating that both ArcelorMittal and Nu Metal could fail the eligibility test again after reconsideration of their applications by the committee of creditors (CoC) under the directions of Ahmedabad bench of National Company Law Tribunal (NCLT). Worlds largest steel maker ArcelorMittal and VTB Capital-led Russian consortium Nu Metal had submitted bids for Essar Steel on February 12, in the first round of auctions. But lenders rejected both bids, as they did not conform to eligibility criterion laid in the Insolvency and Bankruptcy Code (IBC). NCLT has now asked lenders and resolution professional (RP) to reconsider the two bids.
The courts order …
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