Battle for Essar Steel: Journey of Rewant Ruia from 100% to 0% in Numetal

Numetal was rejected in the first-round bidding as it was not compliant with section 29A of the Insolvency and Bankruptcy Code

The National Company Law Appellate Tribunal (NCLAT) has put the resolution process of Essar Steel on hold. NCLAT will now hear ArcelorMittal and Numetal, the two contenders in the first round of bidding, on July 23.
 

Numetal, incorporated in October last year to bid for Essar Steel that was undergoing insolvency, has metamorphosed way to fast in the last six months to suit the bidding eligibility criteria. At the time of incorporation, Rewant Ruia, son of Essar Steel promoter Ravi Ruia, held 100 per cent of Numetal. He divested five times in a span of six months. However, as of