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NCLAT order on Essar Steel bids likely today - Report-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
9/7/2018 紧固件展-紧固件采购会-国际紧固件展-fastener expo |
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Financial Express reported that the National Company Law Appellate Tribunal (NCLAT) will on Friday deliver its order on the eligibility of ArcelorMittal and Numetal, the two key contenders, for bankrupt Essar Steel. Both the firms had moved the appellate tribunal challenging their disqualification in the first round of bids by the resolution professional. The two firms challenged their disqualification before the Ahmedabad bench of the National Company Law Tribunal (NCLT), which said that inviting second round of bids without offering bidders an opportunity to rectify their first bids was prima facie invalid.
ArcelorMittal’s first bid for Essar Steel was disqualified by the RP on the ground that it was a promoter of Uttam Galva and KSS Petron, both of which have defaulted on loans. Numetal’s bid was disqualified since one of the persons associated with the firm, Rewant Ruia, is related to the promoters of Essar Steel. Subsequently, both the companies put in bids in the second round. VTB Bank sought to sever ties with the Ruia family by buying out Aurora Trusts stake in Numetal, while ArcelorMittal transferred Rs 7,000 crore to an escrow account of SBI to clear outstanding loans of Uttam Galva and KSS Petron. In the second round of bidding, Anil Agarwal’s Vedanta Resources also joined the race and JSW Steel joined Numetal for the bid.
紧固件展-2019第二十届广州国际紧固件及设备展览会-巨浪展览
-The 20th China (Guangzhou)Int’l
Fastener & Equipment Exhibition
- Fastener exhibition,2019 Fastener
exhibition, China Fastener exhibition, Guangzhou Fastener exhibition, 2019
Fastener expo, China Fastener expo, Guangzhou Fastener expo
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