Essar Steel Asia says SC order no bar on its offer


Essar Steel Asia says SC order no bar on its offer

Essar Steel Asia Holdings (ESAHL) argued on Monday that the Supreme Court’s October order does not bar the National Company Law Tribunal or the Essar Steel lenders from considering the settlement offer proposed by it ‘for and on behalf of Essar Steel’.

The Ahmedabad bench of the NCLT will continue to hear arguments on Tuesday.

Responding to earlier arguments made by the committee of creditors (CoC) that the SC’s order only allowed for submission of plans by Arcelor and Numetal and that the one by the Ruias was beyond the SC’s judgment, counsel for ESAHL, Mihir Joshi, said, “…the Supreme Court Order has only decided on the eligibility of the bidders before it.”

The SC order had stated that both ArcelorMittal and Numetal, who were in race to acquire Essar Steel, would have to clear any dues within two weeks to become eligible to bid for the company. Read more

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