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

ArcelorMittal on Tuesday  said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of Uttam Galva 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 Uttam Galva as on February 7 and on February 9 it was not a shareholder of