Race to take over Essar Steel: Resolution professional opens bid

The race to take over Essar Steel entered the final phase with the submission of two bids on Monday, one by Numetal and the other by ArcelorMittal

Final bids submitted by resolution application for Essar Steel have been opened by the resolution professional. Essar Steel was one of the 12 big ticket cases Reserve Bank of India (RBI) had asked banks to file insolvency cases against.

The race to take over Essar Steel entered the final phase with the submission of two bids on Monday, one by Numetal, a company in which Russia's VTB Bank has a majority and the Ruias are a minority partner, and the other by ArcelorMittal.

National Company Law Tribunal (NCLT) will have to take a call on the eligibility of ArcelorMittal and Numetal because it involves interpreting the Insolvency and Bankruptcy Code (IBC) and relevant rules.