The Supreme Court will on Wednesday hear ArcelorMittal’s petition on its eligibility to bid for Essar Steel. The court had refused an urgent hearing on the steel firm’s plea to pay ₹7,000 crore by Tuesday for its second bid to become eligible.
ArcelorMittal filed an appeal in the Supreme Court seeking cancellation of Numetal’s ₹37,000-crore bid.
On Monday, ArcelorMittal wrote to the Committee of Creditors (CoC) of Essar Steel, increasing its bid to ₹42,000 crore and making a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron.
The National Company Law Appellate Tribunal (NCLAT) ordered ArcelorMittal to pay ₹7,000 crore to the lenders of Uttam Galva and KSS Petron by Tuesday, September 11, to become eligible for bidding for Essar Steel.
However, ArcelorMittal moved the Supreme Court challenging the NCLAT order, which held that Numetal’s offer of ₹37,000 crore in the second round of bidding for Essar Steel was valid.
A Numetal spokesperson said, “We already filed a caveat in the Supreme Court on Friday and there cannot be any ex-parte order without hearing us.”