Ahmedabad : The Ahmedabad bench of the NCLT has reserved its order after the arguments from all the parties concluded on Friday in the Essar Steel bankruptcy case.
Numetal and ArcelorMittal, both in the race to acquire the bankrupt Essar Steel, once again tried to convince the tribunal over their disqualification by the resolution professional (RP), claiming that rules have been followed before submitting their bids.
After taking into consideration the views of both the bidders, the tribunal, comprising adjudicating authority Manorama Kumari and Harihar Prakash Chaturvedi, has kept its order reserved for a future date.
The bench indicated that it may pronounce the order on April 12.
Numetal and ArcelorMittal has knocked the doors of NCLT over their disqualification in the first round of bidding claiming that rules have been followed before submitting bids. Appearing for Numetal, senior counsel Mihir Thakor said his client has challenged RP’s decision of disqualifying Numetal from the first round of bidding because “there was no impropriety in restructuring Numetal”. Thakor admitted that Numetal was formed by the promoters of the Essar Steel itself “with the purpose of submitting the resolution plan”. RP’s lawyer Darius Khambata said that Numetal’s bid was rejected because Essar Steel promoter Ravi Ruia’s son Rewant Ruia was, in some way or other, in control of Numetal through Aurora Trusts.