VTB Capital firm moves NCLT

In a move that may complicate Essar Steel's auction, Russia's VTB Capital-owned NuMetal said it has moved the Ahmedabad bench of the National Company Law Tribunal (NCLT) to reinforce its eligibility to bid for the stressed steel company.

NuMetal and ArcelorMittal are the only two parties that bid for buying out Essar Steel but the insolvency resolution professional overseeing the auction had been advised to reject both the bids owing to their promoters being linked to defaulter companies.

"Numetal filed an application on March 20 before the NCLT, Ahmedabad seeking a declaration that Numetal is eligible to submit a resolution plan for Essar Steel India," it said.

NCLT has ruled that any decision by the CoC meeting will be subject to its final order of NCLT. Numetal is majority owned by Russia's VTB Capital while TyazhPromExports of Russia and Indo International being the other shareholder.