ArcelorMittal has decided to rebid for Essar Steel even as NCLT on Tuesday adjourned the hearing on its petition filed against the resolution professional for rejecting its bid.

The world’s largest steel company had moved the Ahmedabad bench of NCLT on Monday against the RP decision to recall fresh bids for sale of the stressed Essar Steel asset even while rejecting the two bids placed by ArcelorMittal and VTB Russian Bank- backed consortium of Numetal Mauritius.

NCLT had a combined hearing on a similar petition filed by Numetal against any decision to reject its bid.

ArcelorMittal in a statement on Tuesday said the NCLT hearing has been adjourned until April 4, while the deadline for rebids for Essar Steel remains April 2.

“We intend to rebid though we continue to strongly believe that our original offer is eligible. The outcome of the rebid remains subject to the outcome of the ongoing case at the NCLT," it said.

Last week, Numetal had filed an application before the NCLT, Ahmedabad, seeking a declaration that it is eligible to submit a resolution plan for Essar Steel. Among key shareholders of Numetal include TyazhPromExports of Russia and Indo International, besides Rewant Ruia, son of Essar Steel promoter Ravi Ruia.

Though Numetal had said that it will ease out Rewant Ruia, if need be, the company’s petition in NCLT said the full facts submitted by it for determining its eligibility to submit a Resolution Plan have not been appropriately assessed. Accordingly, in the application, all necessary facts for determining the eligibility of Numetal have been placed before the NCLT for an objective assessment, it added.

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