NCLT directs Essar lenders to reconsider Arcelor, Numetal bids

NCLT directs Essar lenders to reconsider Arcelor, Numetal bids

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.

Numetal Offers To Buy 70% Stake In Essar Steel’s Raw Material Supplier

Numetal Offers To Buy 70% Stake In Essar Steel’s Raw Material Supplier

Numetal Mauritius, which is contesting the rejection of its bid for Essar Steel Ltd, has offered to repay all of the debt of Odisha Slurry Pipeline Infrastructure Ltd, a crucial raw material supplier to the steelmaker, to get hold of a 70% stake from the firm’s current promoter, SREI Infrastructure Finance Ltd, a person close to the development told Mint on condition of anonymity.

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