ArcelorMittal on Tuesday said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of Uttam Galva and KKS Petron, and had already offloaded its shares before submission of the bids.
Arguing before the National Company Law Appellate Tribunal (NCLAT) on behalf of ArcelorMittal, senior advocate Harish Salve submitted that its eligibility should be judged as on the date of submission of the resolution plan for Essar Steel.
He further contended that ArcelorMittal never had any management control in Uttam Galva. Read More
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