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Essar Steel: Numetal moves NCLAT ahead of bankers' meet on Friday

Updated : April 28, 2018 09:10 AM IST

Ahead of the lenders' meeting, which may ask for fresh bids for the bankrupt Essar Steel's assets, Numetal approached the National Company Law Appellate Tribunal (NCLAT) on Friday.
Numetal's application at NCLAT is aimed at pre-empting a possible move by the lenders to call for fresh bids as the two bids submitted peg the value of the assets only under 40% of the Rs 45,000 crore that Essar Steel owes to over 30 lenders.
The company is majority-owned by the Russian state-run lender VTB Bank's private equity arm VTB Capital and Ravi Ruia's son Rewant Ruia-controlled Aurora Trusts, which controls 25%.
Essar Steel: Numetal moves NCLAT ahead of bankers' meet on Friday

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