Battle for Essar Steel: Russia's VTB moves Supreme Court for solo bid

If VTB is allowed to bid solo, then it could be absolved from paying the dues on account of Numetal

Russia’s VTB, the majority partner in the Numetal consortium, has moved an application in the Supreme Court seeking permission to bid solo for Essar Steel.

VTB has also informed the committee of creditors (CoC) for Essar that it has moved the apex court. The move is based on the Supreme Court’s order, which said that VTB was an eligible candidate. People close to the development said VTB has also communicated to the CoC that during submission of the expression of interest for Essar, it had given a letter of comfort for Numetal. 

The Supreme Court, in its judgment on October 4, had