Essar Steel bid: ArcelorMittal, Numetal get two weeks to clear dues

If the payments were made within the period, both applicants could re-submit their resolution plans of April 2 to the CoC

The Supreme Court (SC) on Thursday granted an opportunity to ArcelorMittal and Numetal to clear dues for non-performing assets (NPAs) in two weeks to be eligible to bid for Essar Steel.

For Numetal, this is a significant departure from the National Company Law Appellate Tribunal’s (NCLAT’s) order, which had found its second bid valid. The tribunal had directed Arcelor to clear its dues within three days to become eligible.

The SC said ordinarily the appeals would have been disposed of by declaring both applicants ineligible. However, the counsel of the committee of creditors (CoC) had requested the court to give one more