Essar Steel sale: Lenders may give time to Arcelor, Numetal to rectify bids

Committee of creditors (CoC) for Essar Steel to take call on bids after order by Ahmedabad bench of the National Company Law Tribunal (NCLT)

The committee of creditors (CoC) for Essar Steel will meet on Tuesday to take a call on the bids after Thursday’s order by the Ahmedabad bench of the National Company Law Tribunal (NCLT). Sources close to the development said, ahead of the CoC meeting, major lenders of Essar Steel met on Monday to thrash out a strategy for the meeting. 

The two main issues that are likely to be discussed are the NCLT order and its implications. The other point would be to give the two bidders, ArcelorMittal and Numetal, time for rectifying their bids, as suggested by the NCLT