Essar lenders' meet remains inconclusive, CoC to meet on Saturday

In February, just before the first round of bidding for the steel company was opened, ArcelorMittal sold its stake in both Uttam Galva Steels and KSS to be eligible

Essar Steel’s lenders met on Wednesday to decide on the eligibility of the first round bids by ArcelorMittal and Numetal but the talks remained inconclusive, sources said. The committee of creditors (CoC) is expected to meet again on Saturday. One of the possibilities could be to give both the bidders a week to cure their bids. 

On Wednesday, lenders debated on whether to go in for a fresh round of bids and invite other players, a source close to the development told Business Standard. A few bankers, who attended the meeting, suggested that lenders could wait till May 17 when the