India: Numetal’s Essar Steel bid valid, Arcelor asked to clear dues

The National Company Law Appellate Tribunal (NCLAT) on Thursday held Russia’s VTB Capital-backed Numetal’s second bid valid and asked the world’s largest steel manufacturer ArcelorMittal to clear dues of Uttam Galva and KSS Petron till date (amounting to excess of Rs 7,000 crore ($976 million) within three days to turn its bid eligible for taking over debt-ridden Essar Steel.