Numetal might challenge demand for payment of dues by Essar Steel lenders

Numetal said it had argued before the CoC that it was a fully eligible resolution applicant under the IBC

Numetal is looking at legally challenging the demand for payment of dues by Essar Steel lenders as a cure for its ineligibility to bid for the insolvent company.

The lenders to Essar Steel have asked two bidders from the first round, ArcelorMittal and Numetal, to clear dues in this regard within seven working days from Wednesday. As far as Numetal is concerned, dues on account of Essar will have to cleared due to Rewant Ruia's indirect and minority exposure in the consortium through Aurora Enterprises. Rewant Ruia is the son of Ravi Ruia, vice-chairman of Essar Group.

Numetal said it