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Numetal pitches for latest bids for Essar Steel; Unitech land may be auctioned
Photo Credit: Reuters

Numetal Mauritius has moved the National Company Law Appellate Tribunal (NCLAT) to consider the second round of bids for debt-laden Essar Steel Ltd, The Economic Times reported, citing two people familiar with the development.

The second round of bidding saw participation from mining tycoon Anil Agarwal-led Vedanta Resources, Numetal-JSW Steel and ArcelorMittal-Nippon, the report said.

Numetal is also contesting the lenders’ decision that required both Numetal and ArcelorMittal to pay the dues of defaulting companies to become eligible for participating in the bankruptcy process, the report added.

The hearing in the matter is scheduled for 17 May.

Essar Steel is among the 12 large non-performing assets identified by the Reserve Bank of India in its first list for loan resolution under the Insolvency and Bankruptcy Code. Essar Steel owes about Rs 49,000 crore to its lenders.

According to the report, Numetal said that none of its shareholders had any loans overdue with any creditors in India.

Last month, Numetal and ArcelorMittal had moved the National Company Law Tribunal challenging their ineligibility in the first round.

In another report, The Economic Times said that the Supreme Court has declared its intent to complete the auction of the unencumbered properties of real estate developer Unitech Ltd, totalling more than 800 acres of land, completed within two months.

The land assets are spread across Agra (88 acres), Varanasi (130 acres), Tamil Nadu (400 acres) and Telangana (220 acres), according to the report.

The assets have been put on the block to refund the money of home buyers who bought apartments in Unitech projects.

Unitech managing director Sanjay Chandra was arrested in April last year after home buyers filed a complaint against him for not giving possession of their flats.

Meanwhile, Mint reported that Sanjiv Goenka, chairman of RP-Sanjiv Goenka Group, has bought out the 25% stake of Spanish football club Atletico Madrid in the Kolkata franchise of Indian Super League.

Goenka acquired Atletico Madrid’s 25% stake in Kolkata Games and Sports Pvt. Ltd, the company which operates football team ATK, some time last year, the report said. ATK was earlier known as Atletico de Kolkata.

The other prominent shareholder in Kolkata Games and Sports is former cricketer Sourav Ganguly.

The partnership failed because of inherent deficiencies in the agreement between the La Liga club and the Indian shareholders, Goenka told Mint.

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