Steel Mills
March 21, 2018
ArcelorMittal Bid Rejected for Bankrupt Essar Steel
Written by Sandy Williams
Bidding for bankrupt Essar Steel is back to square one after offers from Numetal and ArcelorMittal were declared ineligible by lenders. The bids were rejected under the amended Insolvency and Bankrupcty Code that prohibits related parties and insolvency-linked parties from bidding.
ArcelorMittal India was involved in a joint venture in Uttal Gallva, which defaulted on loan repayments. The IBC prohibits a promoter of a defaulting company from bidding on stressed assets.
