Race for Essar Steel: Numetal, Arcelor continues to run
The fight for Essar Steel has been continued in the courts with the two contenders, ArcelorMittal and Numetal. The argument is over which bids should be valid — those in the first round or those in the second.
Numetal argued the resolution plans submitted in the second round of bidding should be considered and the highest bid be selected but ArcelorMittal opposed it and wants that the first round of bids should be considered.
Essar Steel witnessed applications from four entities, including Tata Steel Ltd and Vedanta Resourcesbecause of the insolvency issue but ArcelorMittal and Numetal emerged as the final bidders in the month of February.
The NCLAT will hear the case on May 22, again. Bankers may take a call on the matter once the NCLAT passes its order.