Numetal told the Supreme Court on Thursday that it would match any offer made by ArcelorMittal should it be held eligible to bid for ailing Essar Steel in the resolution proceedings pending in the NCLT. “We will match their offer,” senior advocate Mukul Rohatgi told the court.
He claimed that the company’s second bid was higher than that of ArcelorMittal. The top court, however, said that it would refrain from getting into the issue of valuation and instead stick to taking a a call on eligibility of who can bid for ailing Essar Steel.
The court then reserved its order on the issue. The court will rule on the eligibility of Arcelor-Mittal to bid for the ailing company as also examine ways and means on how to plug several loopholes in the newly enacted Insolvency and Bankruptcy Code. Read more
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