Insolvency process: ArcelorMittal’s bid for Essar Steel illegal, says VTB – Business Standard
ArcelorMittal is spoiling the bidding game of Essar Steel. Despite its lobbying with the Indian government, its illegal bid should not be cleared as it does not meet the eligibility criteria as per the current Insolvency and Bankruptcy Code (IBC), said VTB Capital, one of the two bidders for Essar Steel. ArcelorMittal is the…