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 other bidder. We have taken legal opinion from three different law firms and they are all of the opinion that ArcelorMittal and its promoters investments in two non-performing assets (NPAs) in India will debar it from bidding. Hence, we are confident that it is out of the game, but has made the offer just to spoil the game for others, said Makram Abboud, vice-chairman,…
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