ArcelorMittal & Numetal may get 7 days to pay dues - Report
Steel News - Published on Mon, 07 May 2018
Business Standard, citing sources close to the developments, reported that the committee of creditors (CoC) in the Essar Steel resolution case met on Saturday and considered giving ArcelorMittal and Numetal seven days to clear outstanding dues to become eligible. The sources said “The CoC would, however, have to vote on the resolution to complete the process and notices to the companies would be issued thereafter. The voting could take place on Monday.”
If the resolution goes through, ArcelorMittal would have to make payments on account of Uttam Galva Steels and KSS Petron to become eligible. Numetal, too, would have make payments to regularise the Essar account due to Rewant Ruia’s exposure in the consortium, even though it is a minority and indirect interest.
Numetal did not comment, but legal sources said that it was not liable. Neither was Aurora Enterprises, of which Rewant Ruia is the ultimate beneficiary. In any case, Numetal had offered to drop Rewant Ruia, they said.
Source : Business Standard