Numetal and steel tycoon Lakshmi Mittal-led ArcelorMittal had, in February, submitted separate bids to takeover Essar Steel. The Committee of Creditors (CoC), however, had disqualified both bids saying their promoters were tied to companies which were bank loan defaulters and ineligible under Section 29A of the Insolvency and Bankruptcy Code. Numetal's bid was found specifically ineligible as the firm was 25% owned by Rewant Ruia, scion of Essar Steel's promoter Ruia family. Mr. Ruia however left the firm before the second round of bid was submitted in March. The second round of bids was called as JSW Steel joined Numetal to put in a bid of ₹37,000 crore for Essar Steel.