The apex court finds Rewant Ruia’s ‘looming presence’ in Numetal and asks the company to clear ₹45,000 crore of debt-owed by Essar Steel’s promoters to be eligible to bid for the steel maker.
The world’s largest steelmaker has increased its bid for Essar Steel. Crucially, it has also committed to clear the dues of Uttam Galva and KSS Petron. But is a commitment good enough?
The deadline for submission of financial bids for Essar Steel was more than a week ago. But it is still not clear whether either of the two bidders — ArcelorMittal and Numetal Ltd — will be successful.
