Hearing of Essar Steel NCLAT: ArcelorMittal alleges that Numetal will act in concert with Ruias

The hearing will resume on July 9

Pleading Thursday before the National Companies Appeal Tribunal (NCLAT), ArcelorMittal argued that Numetal should be excluded from the appeal of Bids for Essar Steel while the VTB Capital consortium was acting ArcelorMittal, represented by the lawyer Abhishek Manu Singhvi, argued that Ravi Ruia, one of the two co-founding brothers of the Essar group, was excluded from the process of Bidding for stressed badets under Section 29A.

The clause, under insolvency and bankruptcy, prohibits promoters of companies in default from bidding for stressed badets.

Essar Steel was referred to the NCLT last year after racking up nearly 50,000 rupees in loans and missed interest.

Ravi Ruia's son, Rewant Ruia, was part of the Numetal consortium in the first round of the call for tenders for Essar Steel.

ArcelorMittal argued that while the BAC is silent on the issue of "acting in concert", it refers to the OPA Code under the SEBI Act. "In summary," a person acting in concert "under the Code OPA (SEBI) considers that parents like father and son act in concert," argued Mr. Singhvi before judge NCLAT

. 19659004] Numetal Case

Mukul Rohatgi , Numetal's attorney, argued that ArcelorMittal's bid depended on the Mittal company winning the bid. He added that ArcelorMittal should be asked to make an upfront payment.

Numetal insisted that the second round of bids be considered Rewant Aurora Enterprises of Ruia no longer part of the consortium.