Essar Steel bid deadline may be extended - Report
DNA reported that the last date for submitting bids for Essar Steel may be extended by another three months as the due diligence is yet to be completed by prospective bidders. The report quoted a banker close to the development as saying that "Alvarez & Marsal, the interim resolution professional of Essar Steel, has sought an extension to the National Company Law Tribunal (NCLT). If the extension is granted, the bidders would get another 180 days to complete the process.”
Earlier deadline for submitting bids was January 29.
According to the Bankruptcy Code, the resolution process should be completed within 180 days, which can be extended by another 90 days with the approval of the NCLT.
Nippon Steel, Tata Steel, Vedanta Resources and ArcelorMittal are some of the major bidders for Essar Steel. Ruias, promoters of Essar Steel, are also looking to bid for the company.
Satish Kumar Gupta of Alvarez and Marsal (A&M) has been appointed as the resolution professional for Essar Steel.
Source : DNA