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Essar Steel CoC to meet today, JSW likely to go solo for bid

Essar Steel CoC to meet today, JSW likely to go solo for bid

Essar Steel CoC to meet today, JSW likely to go solo for bid
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By Ritu Singh  Apr 24, 2018 10:04:12 AM IST (Updated)

Debt-ridden Essar Steel's Committee of Creditors is all set to meet today after the NCLT directed the Resolution Professional and lenders to reconsider the decision taken in the first bidding round.

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JSW Steel has written to the committee asking them to allow the company to bid for Essar Steel without NuMetal, sources told CNBC-TV18.
Seshagiri Rao, joint managing director and chief financial officer, JSW Steel said the new proposal will allow the firm to bid directly for Essar Steel, an option that was not present earlier as CoC had only allowed shortlisted firms to take part in the bidding process. This in turn had prompted JSW to partner with NuMetal to become part of the bidding process.
The creditors are also likely to consider bids from ArcelorMittal and NuMetal submitted in the first round.
The committee is considering to invite re-bids before the new CIRP (Corporate Insolvency Resolution Process) deadline, which is at the end of May.
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