The Ahmedabad Bench of the National Company Lay Tribunal (NCLT) on Thursday said the second round of bidding for bankrupt Essar Steel held on 2 April is invalid and directed the resolution professionals and the committee of creditors (CoC) to reconsider the first round of bids and reconsider offers from ArcelorMittal and Numetal.
The NCLT order renders invalid the second round of bidding held on 2 April when Vedanta had joined the race. Vedanta will now be out of the bidding process while the fate of the other bidder, JSW Steel, which had acquired a 25-per cent stake in Numetal from a Ruia family trust just before the second round of bidding, will depend on whether ArcelorMittal and Numetal are given a chance for rectification.
Russia’s VTB-backed Numetal Mauritius and ArcelorMittal India were the only two bidders in the first round held on 12 February. Read More