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Race to take over Essar Steel: Resolution professional opens bid

The race to take over Essar Steel entered the final phase with the submission of two bids on Monday, one by Numetal and the other by ArcelorMittal

BS Reporter 

Gujarat HC's Essar Steel verdict on Monday

Final bids submitted by resolution application for have been opened by the was one of the 12 big ticket cases (RBI) had asked banks to file against.

The race to take over entered the final phase with the submission of two bids on Monday, one by Numetal, a company in which Russia's VTB Bank has a majority and the Ruias are a minority partner, and the other by ArcelorMittal.

(NCLT) will have to take a call on the eligibility of ArcelorMittal and Numetal because it involves interpreting the (IBC) and relevant rules.

First Published: Wed, February 14 2018. 17:33 IST
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