Essar Insolvency: NCLAT declares Numetal eligible; asks ArcelorMittal to clear dues

Aditi Singh September 8 2018

The National Company Law Appellate Tribunal (NCLAT) yesterday paved the way for Russia’s VTB Capital-backed Numetal to remain in the race to acquire Essar Steel.

However, in a set back to ArcelorMittal, NCLAT refused to clear its eligibility under Section 29A(c) of Insolvency and Bankruptcy Code and asked it to clear all dues of its related companies to cure its ineligibility.

The judgment was delivered by a two-member Bench headed by Chairperson

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