Russia’s VTB Capital-based NuMetal Ltd today told the company law appellate tribunal, NCLAT, that it has offered over Rs 37,000 crore for Essar Steel in the second-round of bidding, which should be opened and the highest bidder be selected from it.
ArcelorMittal, the only other bidder to have put in a bid for Essar Steel in the first round in February, however, opposed the opening of the second round of bids and wanted only the first round of bids to be considered.
At a hearing of counter petitions field in the National Company Law Appellate Tribunal (NCLAT), senior advocate Mukul Rohatgi appearing for NuMetal said that the second round would help to maximise value for lenders.
Essar Steel is being auctioned after the company defaulted on …
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