Supreme Court grants one more opportunity to Arcelor Mittal, Nu Metal to bid for Essar Steel

The Supreme Court Thursday granted one more opportunity to mining major ArcelorMittal and Russia's VTB Capital-backed NuMetal to bid for Essar Steel if they clear their NPA dues in two weeks.

A bench comprising Justices R F Nariman and Indu Malhotra held that both the firms were ineligible under amended Insolvency and Bankruptcy Code to bid for the firm but granted them a fresh opportunity after taking note of the plea of Committee of Creditors that it does not want liquidation of Essar Steel.

The apex court exercised its extraordinary power under Article 142 of the Constitution in allowing ArcelorMittal and NuMetal to make fresh bid for Essar Steel.

The top court asked the Committee of Creditors to take a decision within eight weeks on rival bids of NuMetal and ArcelorMittal for Essar Steel.

-PTI