ArcelorMittal, Numetal bids for Essar Steel fail eligibility test

Legal vetting finds both bidders had connections with non-performing assets

The bids of both Numetal, a company having VTB Bank as a majority shareholder and the Ruias as a minority partner, and ArcelorMittal for Essar Steel have failed the eligibility test of the legal advisors appointed by the resolution professional as both bidders had connections with non-performing assets (NPAs) in India.

The resolution professional could seek another legal opinion or approach the National Company Law Tribunal on the point of law. The committee of lenders is expected to meet in the next few days in the matter.

A Numetal spokesperson said, “We have not received any such information from the