Essar Steel set for rebid as lenders reject Arcelor, Numetal offers

All six companies, which submitted expressions of interest, told to submit bids by April 2

The State Bank of India-led consortium of lenders called for a second round of bidding for Essar Steel on Wednesday. All the six companies that had submitted expressions of interest (EoIs) earlier have to submit their bids by April 2.  

Lenders rejected bids by Numetal and ArcelorMittal after both companies failed the legal eligibility test. The legal advisors cited one of the clauses of Section 29A of the Insolvency and Bankruptcy Code (IBC) for rejecting the bids. According to the clause, a company or a promoter with investments in a firm whose loans have turned into non-performing assets (NPAs) for more