The much awaited hearing at the NCLT‘s Ahmedabad bench over the rejection of bids of ArcelorMittal and Numetal in the Essar Steel insolvency resolution process has been deferred till April 4, ET Now reported.
The NCLT bench has asked the parties to file submissions by April 2. The next hearing will take place on April 4.
Both ArcelorMittal and Numetal have moved the NCLT challenging the rejection of their bids for Essar Steel.
While ArcelorMittal’s bid was rejected as it held promoter stake in the defaulting firm Uttam Galva, the company has sold its entire stake in Uttam Galva and received a nod from the bourses declassifying it as Uttam Galva’s promoter.
The newly introduced section 29(A) in the Insolvency and Bankruptcy code ba…
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