In a day of high drama, global giant Arcelor-Mittal raised its offer for Essar Steel to Rs 42,000 crore – which is 20% higher than its previous bid – while moving the Supreme Court against an National Company Law Appellate Tribunal (NCLAT) order that had said it will be eligible to bid for the debt-ridden company only after it clears arrears related to its investment in two other entities.
On Friday, NCLAT had given ArcelorMittal time till Tuesday evening to settle the Rs 7,000-crore dues of Uttam Galva Steels and KSS Petron. The development further delays the bankruptcy proceedings of Essar Steel, which owes Rs 49,000 crore to banks and other creditors. Read more
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