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Essar Steel creditors' meet ends; ArcelorMittal & Numetal allowed to re-bid

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All the players that submitted Expressions of Interests (EoIs) will be given a chance to re-bid.

Committee of Creditors (COC) are planning to re-invite interested bidders, including ArcelorMittal and Numetal, for Essar Steel before the 270-day deadline ends, sources said.
All the players that submitted Expressions of Interests (EoIs) will be given a chance to re-bid.  ArcelorMittal and Numetal have been given a chance to submit bids again even after the firms were considered to be ineligible in the February 12 bidding process.
The same day, Numetal approached the National Company Law Tribunal (NCLT) apprehending that the details were not assessed properly by the creditors' committee.
NCLT had observed that any decision taken by the committee of creditors(COC) in the March 21 meeting will be subject to the outcome of its order in the matter. The creditors have decided that Numetal’s bid will be reconsidered if Rewant Ruia is dropped from the consortium.
ArecelorMittal bid was considered ineligible purely on 'technical grounds' and the bid was stuck as it was listed as the promoter of Uttam Galva Steels in Sebi's records.
Nippon Steel, Tata Steel, Vedanta, SAIL are among those who will be given a chance to rebid. News reports, however. have pointed that Tata Steel and Vedanta may not participate in the fresh round.
The resolution professional will set a schedule for the last date for submission of bids soon.
 

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