ArcelorMittal bid divides resolution professional's lawyers on Essar Steel

Cyril Amarchand Mangaldas, Darius Khambata differ on ArcelorMittal's eligibility

The legal opinions received by the resolution professional (RP) of Essar Steel from law firm Cyril Amarchand Mangaldas (CAM) and senior counsel Darius Khambata differed on the eligibility of the bids made by ArcelorMittal.

While CAM said ArcelorMittal must pay the dues of the lenders to Uttam Galva Steels and KSS Petron to become eligible for bidding, Khambata was of the opinion that it was not required as long as ArcelorMittal and L N Mittal sold stakes in Uttam Galva and KSS Petron, respectively, and were declassified as promoter. 

Uttam Galva and KSS Petron owe banks Rs 60 billion and