ArcelorMittal and Nu Metal will get another chance to prove their credentials to take over Essar Steel, facing insolvency proceedings in bankruptcy court.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday declared invitation of the second round of bids for Essar Steel as invalid, brightening the chances for these two companies to another chance to acquire the bankrupt steel maker.
This has, however, put a question mark on Anil Agarwal-led Vedanta Resources prospects of taking over the steel firm. Vedanta had bid for Essar Steel in the second round.
ArcelorMittal, the worlds largest steel maker, and Nu Metal, a Russian consortium led by VTB Capital, were the only companies that had submitted bids for Ess…
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