SC to hear ArcelorMittal's plea against NCLAT order

The Supreme Court on Tuesday agreed to hear on Wednesday a plea by ArcelorMittal, challenging the National Company Law Appellate Tribunal (NCLAT) order directing it to clear dues of two defaulting firms — Uttam Galva and KSS Petron — by Tuesday to be an eligible bidder for Essar Steel. Arcelor had asked for an urgent hearing on Tuesday but the apex court Bench decided to hear the plea on Wednesday. The L N Mittal-headed global steel maker, however, had written to the resolution professional (RP) for Essar on Monday asking him to confirm the overdue amounts of Uttam Galva and KSS Petron as well as the modalities of payment. There are 17 banks in the Uttam Galva consortium. Apart from making a commitment to pay the dues, Arcelor had also revised its offer in the second round on Monday by around 31 per cent to Rs 420 billion. Arcelor’s revised offer was a bid to pip rival bidder Numetal’s Rs 370 billion offer. An Arcelor spokesperson said, “The revised offer includes a commitment to repay Uttam and KSS Petron debts in full. It, therefore, represents a compelling opportunity for Indian state banks to recoup the maximum amount of money possible.”