NCLT concludes its hearing in auction for Essar Steel
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Ahmedabad: The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Friday completed the hearing on multiple applications filed by ArcelorMittal and Numetal, challenging the decision of Essar Steel's resolution professional (RP) to hold their bids ineligible.
The bench, comprising judges Harihar Prakash Chaturvedi and Manorama Kumari, is likely to pronounce its verdict on Thursday. But before that, it has allowed the parties involved to make written submissions on Monday.
During the course of hearings over the past few days, both Numetal and ArcelorMittal have defended the eligibility of their bids and made their submissions to support their contention. The RP for Essar Steel also asserted that Numetal and ArcelorMittal were rightly disqualified.
Former Attorney General of India Mukul Rohatgi represented Numetal, a consortium led by Russia's VTB Capital that includes Aurora Enterprises, which is owned by an offshore trust controlled by Rewant Ruia, the son of Essar co-founder Ravi Ruia.
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