Numetal is open to sacrificing Rewant Ruia if the bid for debt-laden Essar Steel is found ineligible by the Committee of Creditors (CoC) led by the Resolution Professional, a top official said. Numetal, one of the two bidders for Essar Steel, has a binding agreement which ensures that Rewant, son of Essar group promoter Ravi Ruia, would exit from the consortium if he is an obstacle in winning the bid. On how long will the current shareholding continue if Numetal wins the bid, Abboud said, “It will take a while to set things right. With the steel sector looking up, Numetal said its appetite has changed and it is now very keen to take over Essar Steel. The uncertainty surrounding the two bids for Essar Steel is the insertion of new Section 29A into the Insolvency and Bankruptcy Code 2016 in November last year.

Source: dna March 04, 2018 23:37 UTC