Locked in a direct fight to acquire Essar Steel, ArcelorMittal today sought disqualification of Russia's VTB Capital-backed NuMetal Ltd, alleging that the firm was acting in concert with delinquent promoters of Essar group but the NCLAT hearing the case did not agree to its contention.
When first bids for loan defaulter Essar Steel were called in February, Rewant owned 25 per cent in Mauritius-based investment vehicle NuMetal. VTB Group bought out Aurora Trust to cure its ineligibility as bankruptcy rules disqualify owners of distressed assets from bidding for those assets in the insolvency process.
At a hearing before a two-member bench of the National Company Law Appellate Tribunal (NCLAT), senior lawyer Abhishek Manu Singhvi, appearing for ArcelorMittal, said "NuMetal and Rewant Ruia are alter ego of each other. They both are the same."