Essar Steel insolvency case: Second round bids to be opened today

The second round of bids for Essar Steel will be opened in the presence of lenders on Monday, sources close to the development said.

The offers by three bidders — Numetal (minus Aurora Enterprises), ArcelorMittal, and Vedanta — will be opened in line with the September 7 order of the National Company Law Appellate Tribunal (NCLAT). Numetal was joined by JSW as an investor in a step-down subsidiary and ArcelorMittal with Nippon Steel.

In the second round, Numetal had dropped Aurora Enterprises, of which Rewant Ruia is the ultimate beneficiary, which made its bid eligible. Rewant Ruia is the son of Ravi Ruia, a promoter of Essar. According to the NCLAT order, ArcelorMittal has time till September 11 to clear its dues on account of defaulting firms, Uttam Galva Steels and KSS Petron, to become an eligible bidder for Essar. So, though bids will be opened on Monday, Arcelor will have time till Tuesday to make its second offer eligible.

SC asks NGT to consider maintainability of Sterlite case against closure

The Supreme Court on Friday refused to entertain Tamil Nadu government's plea against the National Green Tribunal's order allowing mining major Vedanta access to the administrative unit inside its closed Sterlite copper plant at Tuticorin and asked the NGT to "finally decide" the matter.

A bench comprising Justices R F Nariman and Indu Malhotra said that the NGT would hear the matter on merits and also on the issue of maintainability raised by the state government.

"We may clarify that NGT may continue to hear the matter on merits and finally decide the matter on maintainability also. It is open for the state to argue on maintainability after which the tribunal will give its findings," the bench said.

ALSO READ: NGT allows Vedanta to access administrative unit of Sterlite plant in TN
The green tribunal had on August 9 allowed Vedanta to enter its administrative unit inside its Sterlite copper plant, observing that no environmental damage would be caused by allowing access to the administrative section.