The NCLAT had asked ArcelorMittal to clear the stigma of defaulter by clearing the dues of Uttam Galva Steel and KSS Petron in which it had shares. It had ruled that NuMetal's second bid for Essar Steel was eligible but the same by ArcelorMittal will qualify only if it cleared the Rs 7,000 crore dues of the two firms it was previously associated with. Continuing his arguments today, senior advocate Harish Salve, appearing for ArcelorMittal, referred to the Insolvency and Bankruptcy Code and alleged that Rewant Ruia, a relative of the Essar Promoters, had exited from NuMetal to circumvent the eligibility criteria to bid for Essar Steel, against whom bad loans had swelled to the tune of Rs 50,000 crore. He said that AEL, which had created NuMetal, and in which Rewant Ruia had majority shares, paid Rs 500 crore as earnest money to bid for Essar Steel. "The earnest money of Rs 500 crore was deposited by AEL.