ArcelorMittal To Pay INR 7,000-crore Dues Of Uttam Galva And KSS Petron

- Jul 20, 2018-

Financial Express reported that ArcelorMittal, which is one of the two key contenders for the bankrupt Essar Steel, told the National Company Law Appellate Tribunal (NCLAT) on Wednesday that it will pay INR 7,000-crore dues of Uttam Galva and KSS Petron in case the appellate tribunal finds its first round of bid to be ineligible. The submission regarding the payment was made by ArcelorMittal’s counsel Abhishek Manu Singhvi when the NCLAT bench headed by its Chairman SJ Mukhopadhyay observed that the company may get an opportunity to “remove its stains” in the event its bid was found to be ineligible due to non-payment of dues. 

However, the bench said that for rival bidder Numetal such a chance was not available. The bench said “It is either eligible or ineligible and has no chance for removing its stains. We can’t make them eligible if they are found ineligible.”

The NCLAT completed the hearings on the matter on Wednesday and has reserved its order in the matter. It asked both the parties to submit their written submissions, if any, by Monday.

Previous:Construction Giant WBHO Bets On UK To Diversify Against Risks Next:Rise In Steel Prices In Past One Year Impacting Real Estate