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
Latest posts by The Times Of India (see all)
- Alert Loco Pilot Averts Accident - July 16, 2018
- 10 New Biogas Plants To Put Delhi’s Waste To Good Use, Cut Landfill Fires - July 16, 2018
- India’s Oldest Narrow Gauge Line’s Heritage Status Derailed - July 15, 2018