NCLAT asks ArcelorMittal to consider revising bid for Essar Steel

Appellate tribunal observations came during Essar promoters' plea against NCLT approval for ArcelorMittal plan

The National Company Law Appellate Tribunal (NCLAT) on Thursday asked ArcelorMittal to consider revising its Rs 42,000 crore bid for Essar Steel India Limited (ESIL), while also observing that a window of opportunity could be provided to the promoters of Essar if they cleared all the debt related to Essar group. It gave the latter one week time to consider the same.

The Essar promoters, NCLAT Chairperson Justice S J Mukhopadhaya observed, will have to clear all the debts related to the group, according to a Supreme Court judgement, to become eligible to bid for Essar Steel again. The NCLAT