ArcelorMittal, Numetal ineligible to bid for Essar Steel: Kroll report

A source who attended CoC meeting in Mumbai on Tuesday said the Kroll report was taken on record by the lenders and it would be taken up for further discussion in the next meeting

A forensic audit report by Kroll, a corporate investigations and risk-consulting firm, has said both ArcelorMittal and VTB Bank-backed Numetal were ineligible to bid for Essar Steel. 

The audit report said there were several regulatory cases pending against both the bidders. If Essar Steel’s lenders accept the report, bids by both hopefuls could be rejected at the meeting of the committee of creditors (CoC) on Friday.
 

On Tuesday, the CoC had opened the financial bids. Arcelor’s bid was higher than Numetal’s and required lenders to take a 40 per cent haircut on the stressed asset’s debt.

A source who attended