INSUBCONTINENT EXCLUSIVE:
By Nayantara RaiArcelorMittal has reached out to the committee of creditors (CoC) seeking to settle the dues of two defaulting firms in
which CEO L N Mittal is listed as a promoter, said sources.
It has asked the CoC to specify payment modalities for clearing the dues of
Uttam Galva and KSS Petron, an issue that has undermined its efforts to acquire the insolvency-hit Essar Steel.
The revised offer comes
along with a commitment to repay Rs 7,000 crore dues of the two companies, in line with last week’s NCLAT decision, the sources added.
The
National Company Law Appellate Tribunal (NCLAT) earlier ruled that ArcelorMittal would be eligible to bid if it repaid the outstanding and
set a deadline to do so by Tuesday.
Reiterating its commitment to repay the amount, ArcelorMittal is believed to have kept Rs 7,000 crore in
an escrow account.
The Supreme Court is slated to hear ArcelorMittal's appeal on Wednesday, which means there is no relief yet for the
company to meet the September 11 deadline.
