NCLAT hears ArcelorMittal plea on eligibility for Essar Steel


NCLAT hears ArcelorMittal plea on eligibility for Essar Steel

Mint reported that ArcelorMittal India Ltd. was eligible to submit a bid for Essar Steel on the date of application as the company was till then no longer associated with Uttam Galva Steels Ltd, said lawyer Abhishek Manu Singhvi, appearing for ArcelorMittal on Monday.

The National Company Law Appellate Tribunal (NCLAT) was hearing arguments made by Singhvi challenging the disqualification of ArcelorMittal’s bid by the insolvency resolution professional of Essar Steel Ltd.

ArcelorMittal, in its petition, had challenged its disqualification on the grounds that it had exited Uttam Galva before submitting a bid for Essar Steel on 12 February.

During the hearing of the cross petitions filed by the two disqualified bidders, a two-judge NCLAT bench headed by justice S.J. Mukhopadhyay said: “We’ll look at the disqualification from every aspect. Read More

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