SC to hear tomorrow plea of ArcelorMittal for more time in Essar Steel bid

The Supreme Court on Tuesday has agreed to hear on Wednesday a plea of ArcelorMittal seeking more time for payment of Rs 7,000 crore as ordered by NCLAT last week if its bid for Essar Steel is to be eligible. 

  • Published 11.09.18
  •  
An Essar Steel facility. Stock image

New Delhi, Sep 11 (PTI): The Supreme Court on Tuesday has agreed to hear on Wednesday a plea of ArcelorMittal seeking more time for payment of Rs 7,000 crore as ordered by NCLAT last week if its bid for Essar Steel is to be eligible. 

The apex court on Tuesday refused urgent hearing for ArcelorMittal's plea for payment of Rs 7,000 crore by today for its second bid to become eligible.

A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D.Y. Chandrachud said, “We will hear the plea tomorrow”.

The National Company Law Appellate Tribunal (NCLAT) had last Thursday ruled the second bid of Russia's VTB Group-backed Numetal as eligible, and asked ArcelorMittal to clear dues of its other subsidiaries to remove the stigma of defaulter by September 11 to become eligible.

Anil Aggrawal's Vedanta is a third qualified bidder for Essar Steel, whose lenders have initiated insolvency proceedings for recovery of around Rs 49,000 crore dues.

About
Author