In a major twist, the Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Thursday asked the resolution professional (RP) and the committee of creditors (CoC) of Essar Steel to reconsider the first round of bids and review offers from ArcelorMittal and Numetal.
The NCLT order rendered invalid the second round of bidding held on April 2. While Russia’s VTB-backed Numetal Mauritius and ArcelorMittal India were the only two bidders in the first round held on February 12, Vedanta, which had joined the race in the second round, will be out of the bidding process now.
Personal loans account for 96% of new bank loans during FY18: RBI data
In a first, personal loans are set to account for most of incremental growth in non-food bank credit during 2017-18.
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