Advisers evaluating the offers for Essar Steel India Ltd. are recommending that both bids for the insolvent company be disqualified, according to people with knowledge of the matter.
Legal and accounting advisers expressed concerns to the interim resolution professional, which is overseeing the Essar Steel sale process, about the eligibility of ArcelorMittals offer as well as a separate bid from a consortium led by Russias VTB Group, the people said. A lenders committee will meet later this week to discuss the eligibility of the bids, according to the people, who asked not to be identified because the information is private.
ArcelorMittal submitted a higher offer than the VTB consortium, the people said. The advisers opinion …
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