Essar Steel insolvency: Spirit of 29A must be upheld, says ArcelorMittal

The government had hence introduced Section 29A to debar existing promoters from bidding

A day after JSW Group Chairman Sajjan Jindal made an oblique reference to L N Mittal-led ArcelorMittal by saying promoters of defaulting firms should not be allowed to bid for stressed assets only because they had sold their investments in the defaulting entities, the world’s largest steelmaker responded by pointing towards the “spirit” of Section 29A of the Insolvency and Bankruptcy Code (IBC).

The firm said, “We agree wholeheartedly with comments made in the Indian media that the spirit of 29A must be upheld. One should review statements made by the finance minister when the article was introduced. It makes