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IBC: Eligible to bid for Essar Steel, ArcelorMittal tells NCLAT

ArcelorMittal alleged that its eligibility should be judged as on the date of submission of the resolution plan for Essar Steel

Press Trust of India  |  New Delhi 

ArcelorMittal
ArcelorMittal

ArcelorMittal on Tuesday said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of and KSS Petron, and had already offloaded its shares before submission of the bids.

Arguing before the National Company Law Appellate Tribunal (NCLAT) on behalf of ArcelorMittal, senior advocate Harish Salve submitted that its eligibility should be judged as on the date of submission of the resolution plan for Essar Steel. “ArcelorMittal is not a shareholder in as on February 7 and on February 9 it was not a shareholder of KSS Petron... We have (ArcelorMittal) submitted bid on February 12,” said Salve.

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He added that ArcelorMittal never had any management control in "ArcelorMittal never exercised any of the rights under the shareholders agreement, never appointed any directors to the board of Uttam Galva and never involved itself in the management and policy decisions of Uttam Galva," Salve said.

First Published: Wed, July 11 2018. 01:37 IST
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