Lenders to Essar Steel Ltd. today decided to reject both resolution plans submitted for the company under the insolvency and bankruptcy process, two bankers in the know have confirmed.
In a meeting held in Mumbai, the committee of creditors was presented with the findings of Resolution Professional Satish Kumar Gupta on the eligibility of the two bidders Numetal Mauritius and ArcelorMittal India. The resolution professional found both companies to be ineligible to bid for Essar Steel under Section 29A of the Insolvency and Bankruptcy Code, the bankers said.
Lenders will reinvite bids from the six companies which had submitted expressions of interest for Essar Steel. That means, both Numetal and ArcelorMittal can submit revised bids …
Read the full article at: https://www.bloombergquint.com/insolvency/2018/03/21/lenders-reject-both-bids-for-essar-steel
