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The National Company Law Appellate Tribunal (NCLAT) ruled on Friday that Numetal's second bid to acquire debt-laden Essar Steel was valid and directed ArcelorMittal to clear its dues on account of defaulting firms by September 11 to be an eligible bidder, in what appears to be a blow to the LN Mittal-led company.
The appellate tribunal said ArcelorMittal India had made a conditional deposit of Rs 70 billion in its own current account (escrow account), which did not qualify as a payment of the due amount. An offer to repay the debt could not be accepted till it complied with
