Section 29 (A) of the Insolvency and Bankruptcy Code bars defaulting promoters from participating in the corporate insolvency process, and the IRP had last month disqualified bids by ArcelorMittal India and Numetal Mauritius for Essar Steel.
Ahmedabad: The battle for Indias biggest asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal, two of the bidders for Essar Steel Ltd, seeking disqualification of each other before the Ahmedabad bench of National Company Law Tribunal (NCLT).
Each company, while challenging its disqualification in the first round of Essar Steel bidding by the interim resolution professional appointed by the committee of creditors (CoC) of the steelmaker, has challenged the …
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