Having concluded hearing from all the parties in the Essar Steel insolvency case, the Ahmedabad bench of National Company Law Tribunal (NCLT) is likely to pronounce the order no later than April 12. On Friday, legal counsels of VTB-backed Numetal, ArcelorMittal, resolution professional (RP) and Essar Steel’s Committee of Creditors (CoC) presented their concluding arguments.
Numetal and ArcelorMittal have not only defended their eligibility in the first round of bidding held on February 12 but applications have also been filed by the two bidders challenging each other’s eligibility. Numetal has also prayed deferment of opening of second round of bids until the matter in the first is solved….
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