Row Over Essar Steel: Russia’s VTB Bank Moves SC For Clarification


Row Over Essar Steel: Russia’s VTB Bank Moves SC For Clarification

Russia’s VTB Bank Friday moved the Supreme Court seeking clarification of its October 4 verdict by which mining major ArcelorMittal and NuMetal were granted another opportunity to bid for Essar Steel.

VTB Bank has recently indicated that it was likely to bid alone for the debt-ridden Essar Steel.

A lawyer, who is in the know how of the development, confirmed that VTB Bank has moved the top court seeking clarification of the verdict.

A bench of justices R F Nariman and Indu Malhotra had said that ArcelorMittal and VTB Bank-promoted NuMetal can bid for Essar Steel, provided the two pay off the non-performing assets (NPAs) of their related corporate debtors within two weeks from October 4. Read more

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