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Essar lenders to meet ArcelorMittal, Numetal on May 2 to discuss offers

Both companies to rectify their initial offers

Essar Steel
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The battle for Essar Steel will also see how courts interpret Section 29A of the Insolvency and Bankruptcy Code, which bars promoters of defaulting firms from bidding for stressed assets

Dev ChatterjeeIshita Ayan Dutt Mumbai/Kolkata
The Indian lenders will have several meetings with the representatives of ArcelorMittal and Numetal on Wednesday to discuss the offers made by both companies for Essar Steel.

While ArcelorMittal has made a conditional offer to repay the debt of Uttam Galva Steels to become eligible, Numetal has offered to remove the trust where Rewant Ruia, son of Essar Steel's co-founder, is the beneficiary.

In a letter to lenders last week, ArcelorMittal had offered to repay Rs 530 billion of Uttam Galva's debt  if it is declared a winner for Essar Steel, which runs a 10-million-tonne per annum steel plant in

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