ArcelorMittal had stake in another bankrupt company Uttam Galva Steel, while Rewant Ruia, one of the estranged promoters of Essar Steel, holds stake in Numetal. IRP had appointed Grand Thornton to evaluate the bids based on the financial and eligibility criteria. The media reported that ArcelorMittal chairman Laxmi Mittal met Finance Minister Arun Jaitley regarding the ongoing insolvency process of the debt-ridden Essar Steel amid speculations that bids by both the company may get cancelled. Another report said that Mittal is largest bidder of Essar Steel. For Amtek Auto, the binding bids from Deccan Value and Liberty House were below liquidation value in the first round. The lenders later asked both the bidders to improve the offer before deciding on liquidation of the company. The latest reports say that Deccan Value offered almost on par with the liquidation value and emerged as the highest bidder.