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Essar Steel sale: Numetal moves NCLAT against NCLT; Arcelor writes to SBI

Numetal may also bring up the issue of apprehension of its bid being rejected by the CoC later

insolvency and bankruptcy code
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Ishita Ayan Dutt Kolkata
Numetal has moved the National Company Law Appellate Tribunal (NCLAT) challenging the NCLT order that pointed towards payment of overdue amount for ArcelorMittal to cure its ineligibility. Legal sources in Numetal said the NCLT order, which suggested a 30-day cure period for payment of overdues for ArcelorMittal, wasn't applicable. It was applicable to companies who had bid before the IBC amendment, but ArcelorMittal submitted its bid for Essar Steel after the amendment, they said.

The committee of creditors (CoC) for Essar Steel were to meet on Friday, but there is ambiguity on whether they will. 

Numetal may also bring up

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First Published: Apr 27 2018 | 12:51 AM IST

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