Essar bid: SC to deliver verdict on NuMetal, Arcelor appeal today

The bench is also expected to deal with the ways to prevent delays in insolvency resolution of debt-ridden firms

The Supreme Court is likely to deliver on Thursday its verdict on cross-appeals of Russia's VTB Bank-promoted NuMetal and steel and mining major ArcelorMittal challenging the National Company Law Appellate Tribunal (NCLAT) order on eligibility of the latter to bid for Essar Steel.

A bench comprising Justices R F Nariman and Indu Malhotra had reserved its verdict on September 27 after counsels for all the parties, including the Committee of Creditors (CoC), concluded their arguments that had continued for eight days.

NCLAT had ruled that NuMetal’s second bid for Essar Steel was eligible, but the same by ArcelorMittal would qualify only if