Final bidding round: ArcelorMittal, Numetal vie for debt-laden Essar Steel

Bankers unsure if bids for Essar Steel will pass muster of amended bankruptcy code

The race to take over Essar Steel entered the final phase with the submission of two bids on Monday, one by Numetal, a company in which VTB Bank has a majority and the Ruias are a minority partner, and the other by ArcelorMittal.

Potential bidders such as Tata Steel and Vedanta did not participate in the process.

However, even as the bid details are yet to be made public, bankers are not sure if the two bids will pass eligibility muster.

They say the resolution professional (RP) and the National Company Law Tribunal (NCLT) will have to take a call