NCLAT order slipped up on clearance of dues, says ArcelorMittal

It has said this in its application for a stay on NCLAT's ruling on Sept 7, directing ArcelorMittal to clear dues on account of defaulting firms by Sept 11 to be an eligible bidder for Essar

ArcelorMittal has said the National Company Law Appellate Tribunal (NCLAT) failed to recognise that a financial arrangement will have to be made to pay the dues on account of Uttam Galva Steels and KSS Petron because the Luxembourg-based firm is no longer a shareholder in the two.

The company said this in its application for a stay on the NCLAT’s ruling on September 7, directing ArcelorMittal to clear the dues on account of defaulting firms — Uttam Galva and KSS Petron — by September 11 to be an eligible bidder for Essar Steel.

The NCLAT ruled Numetal's second bid for Essar Steel