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JSW Steel seeking legal opinion if can bid solo for Essar Steel: Official

Press Trust of India  |  New Delhi 

is seeking a legal opinion if it can bid solo for stressed assets of Essar Steel, a top said Tuesday.

When asked if is mulling going solo for acquiring stressed assets of if fresh bids were allowed, Steel said that it would depend on legal opinion and the view of the

"It depends upon the legal opinion and the view of the CoC (Committee of Creditors) and the Resolution Professional (RP). If they take a positive view ... then we are open to look at it," he told reporters here.

"We are seeking a legal opinion and based on that opinion we will take a call," he said.

He was speaking during the International Conference on Minerals and Metals.

"At that time when the second round of bidding was happening was looking at submitting the bid alone. We were not permitted. So, we have to see what view CoC and RP will take in the light of the judgement," he said.

had teamed up with NuMetal to place a Rs 37,000-crore offer for in the second round of bidding.

NuMetal and were the only two parties that bid to buy out in the first round but the resolution professional was advised to reject both the bids owing to their promoters being linked to defaulter companies.

The last week granted one more opportunity to steel and and Russia's VTB Bank-promoted NuMetal to bid for Essar Steel, provided the two pay off the non-performing assets (NPAs) of their related corporate debtors within two weeks.

As per the judgement, would qualify to bid for Essar Steel only if it clears the Rs 7,000 crore dues of two firms, and KSS Petron, it was previously associated with.

With regard to NuMetal, it has not specified NPAs of its related corporate debtors which have to be paid off to become eligible to bid for corporate debtors Essar Steel, which had NPAs or bad debts amounting to Rs 45,000 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 09 2018. 15:50 IST