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Essar Steel bids of ArcelorMittal and Numetal go for eligibility test

Once the bids get a green signal from the firms, they will be opened by the committee of creditors (CoC), who will take a call to accept or reject the offers

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Bankers said after the Essar Oil transaction, lenders' exposure to the group had declined on paper because the new owners would take over the liability for loans to the company

Dev Chatterjee

Last Updated : Feb 15 2018 | 5:56 AM IST

The resolution plans of ArcelorMittal and Numetal were sent to Grant Thornton and Cyril Amarchand Mangaldas on Wednesday by Essar Steel’s resolution professional, Alvarez & Marsal, as questions were being raised over their eligibility.

Once the bids get a green signal from the firms, they will be opened by the committee of creditors (CoC), who will take a call to accept or reject the offers by next week. The winning offer will then be sent to the National Company Law Tribunal (NCLT) for a final resolution. Bankers say the resolution professional and the NCLT will have to take a call on

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