• Wednesday, August 17, 2022

Business

India’s Apex Court Allows ArcelorMittal, NuMetal to Bid for Essar Steel

The apex court has also ruled that if nothing materialises within 60 days then Essar Steel will go into liquidation.(Photo: MONEY SHARMA/AFP/Getty Images).

By: Radhakrishna N S

India’s top court, supreme court on Thursday (4) has allowed the steel and mining giant ArcelorMittal and Russia’s VTB Capital backed NuMetal to bid for Essar Steel if they clear their Non-Performing Asset (NPA) dues within 14 days. Supreme court exercised its judicial powers under Article 142 of the Indian Constitution permitting both companies to make a fresh bid for Essar Steel. A supreme court bench comprising Justice RF Nariman and Justice Indu Malhotra said that both companies were not eligible under amended insolvency and bankruptcy code to bid for Essar but allowed them one more chance after observing the…

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