MUMBAI (NewsRise) -- Indian lenders called fresh bids for bankrupt Essar Steel's assets after rejecting offers from the world's largest steel maker ArcelorMittal and an entity controlled by Russia's VTB Group, potentially delaying the resolution of the nation's most high-profile insolvency case.
Fresh bids must be submitted by April 2, two senior bankers, who declined to be identified, told NewsRise on Wednesday after creditors rejected the two bids citing rules in India's Insolvency and Bankruptcy Code. Section 29A of the IBC bars wilful defaulters and their related entities as well as those whose dues are classified as non-performing assets for more than year from participating in the insolvency resolution process.
