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Essar Steel insolvency case: NCLAT verdict on ArcelorMittal, Numetal today

The companies had filed petitions challenging the decision by Essar Steel's resolution professional to bar both from bidding the stressed firm

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The battle for Essar Steel will also see how courts interpret Section 29A of the Insolvency and Bankruptcy Code, which bars promoters of defaulting firms from bidding for stressed assets

Advait Rao Palepu

Last Updated : Sep 07 2018 | 10:01 AM IST

The National Company Law and Appellate Tribunal (NCLAT) in New Delhi will on Friday give its verdict over the petitions filed by ArcelorMittal and Numetal in the Essar Steel insolvency case.

The companies had filed petitions challenging the decision by Essar Steel’s resolution professional to bar both from bidding the stressed firm.

The verdict will be significant, given it will set a precedent with regards to what constitutes as an eligible 'resolution applicant' or bidder according to Section 29A of the IBC, say experts.

Regardless of the verdict one can expect both parties to file appeal(s) with the Supreme Court, say lawyers.