The Ahmedabad bench of the NCLT refunded to stay the rebidding of Essar Steel Ltd until 2 April. The interim resolution professional (IRP), which has appointed by Essar Steel company and the interim resolution professional disqualified the bid by Arcelor Mittal India and Numetal. He advised to the committee of creditors (COC) that since both the company are ineligible for the bid so, COC after finding the ineligibility of both companies, COC decided to call another bid but only those parties will be allowed to rebid, who had submitted the expression of interest in the first round.
After information of rebidding by Essar Steel Company, Arcelor Mittal India and Numetal moved NCLT. The Tribunal has adjourned the case till 4 April and decision on rebidding is depended upon the petition filed by the Arcelor Mittal India and Numetal. Tribunal also said that all concern parties submit their replies till 2 April.
The NCLT refused to change the date of rebidding while a committee of creditors (COC) told to the tribunal that both the company Arcelor Mittal India and Numetal can also participate in the rebid process but after taking the corrective measures in their ownership structure.