Essar Steel auction: SC gives ArcelorMittal, NuMetal 2 weeks to clear dues

The Supreme Court on Thursday decided to give one more opportunity to ArcelorMittal and NuMetal to bid for Essar Steel, but only if they both paid off their non-performing dues within two weeks. The court considered the plea of the Committee of Creditors that assets of Essar Steel should not be liquidated and a fresh opportunity should be given to both companies in the fray.

Now, the Supreme Court said, the Committee of Creditors would take a decision within eight weeks on NuMetal and ArcelorMittal’s rival bids for Essar Steel. If, however, nothing materialises within eight weeks, Essar Steel shall go into liquidation, the court said.

The Court also said that the time lost in dealing with insolvency cases at the apex court and the National Company Law Tribunal (NCLT) shall be excluded from the mandatory 270-day resolution period.