Insolvency: JSW writes to CoC on inviting fresh bids for Essar Steel

JSW's pitch for a fresh round of bids is based on the premise of maximisation of value

Sajjan Jindal-controlled JSW Steel has written to the committee of creditors (CoC) of Essar Steel on inviting fresh bids for the bankrupt firm. This has come ahead of the meeting of the CoC on Tuesday. About a month ago, JSW Steel had written to the committee, expressing its interest in taking part in bidding for Essar Steel. 

However, the CoC had decided not to invite fresh bids owing to time constraints. 

The CoC, after rejecting the first round of bids of ArcelorMittal and Numetal on grounds of eligibility under Section 29A of the Insolvency and Bankruptcy Code (IBC), decided to