Numetal ineligible even after dropping Rewant Ruia's Aurora: ArcelorMittal

If Aurora Enterprises, owned by a trust controlled by Rewant Ruia, had become a liability for Numetal during the first round of bidding for Essar Steel, dropping the firm may put the Russian company’s bid on shaky ground, if ArcelorMittal's arguments hold water before the Ahmedabad bench of the National Company Law Tribunal (NCLT).

Aurora Enterprises had to be dropped to make Numetal eligible under Section 29A of the Insolvency and Bankruptcy Code (IBC). However, Aurora Enterprises was one of the shareholders when Numetal submitted the expression of interest for Essar Steel. “It is Numetal and not Essar Communications or Aurora