The company's statement came 24 hours earlier the two-week deadline given to the two firms, ArcelorMittal and Numetal to clear their overdue debts associated with the affiliated firms expires. India's top court, Supreme Court, in its judgment, in order to become qualified to bid for Essar Steel under India's section 29(A) of the insolvency code, the two companies need to repay the loans associated with their affiliated companies. "ArcelorMittal announces that, in-line with the Indian Supreme Court ruling dated October 4, 2018, it has approved a payment of Rs 7,469 crore ($1 billion) to the financial creditors of Uttam Galva and KSS Petron to clear overdue debts in order that the offer it submitted for Essar Steel India Limited ('ESIL') on April 02, 2018 is eligible and can be considered by ESIL's Committee of Creditors ('CoC')," the company said in a statement on Wednesday (17). ArcelorMittal had purchased 29.05 per cent of Uttam Galva's stake in 2009 and has since been classified as a promoter.