Essar Steel case: Invitation of second round of bids invalid, says NCLT

Both bids have to be shared, evaluated by Committee of Creditors before taking any decision

In a major victory for Numetal and ArcelorMittal, the Ahmedabad bench of the NCLT today lenders and the resolution professional of the bankrupt Essar Steel to reconsider their first bids.

Pronouncing its order today, the National Company Law Tribunal (NCLT) adjudicating authority Manorama Kumari and Harihar Prakash Chaturvedi noted that certain provisions of the IBC were not followed by the committee of creditors and the RP while disqualifying both the bids earlier.

The bench asked the consortium of 31 lenders and the RP to reconsider the bids submitted by both Numetal and ArcelorMittal in the first round on February 12.

While sending the