Essar Steel lenders to seek guidance from NCLAT on Mittal offer

Lenders to Essar Steel will approach the National Company Law Appellate Tribunal (NCLAT) on Thursday to seek its guidance on the Rs 70 billion conditional offer made by ArcelorMittal. They will also seek direction on whether to open the second round of bids for the bankrupt steel firm, in which Vedanta and JSW Steel had also participated.  

Numetal and ArcelorMittal had moved the NCLAT against a previous order of the National Company Law Tribunal’s (NCLT’s) Ahmedabad bench for its observations on their first-round bids made in February.

Lenders said they would seek clarity from the tribunal on how to go forward