The debt resolution of Essar Steel has turned into a full-scale corporate war between VTB Bank of Russia and LN Mittals ArcelorMittal, both of which have made multi-billion dollars offers for the Gujarat-based steel company. All eyes are now on the lenders meeting scheduled on Thursday. The lenders are expected to call for a second round of bidding. According to sources, legal advisers are not convinced about the eligibility of either bidder. ArcelorMittals bid is ineligible since the company had investments in Uttam Galva Steels, a non-performing asset. ArcelorMittals promoter, LN Mittal, also owned a 33 per cent stake in Kazakhstan-based KSS, which in turn held a 100 per cent stake in KSS …
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