An entity linked to ArcelorMittal India is the front runner for Indian Steel Corporation Ltd. that was admitted for debt resolution by the bankruptcy court after proceedings were initiated by Bain Capital-Piramal Enterprises backed India Resurgence ARC Private Limited, said people aware of the matter. Jindal Steel & Power Limited (NSEI:JINDALSTEL) is another bidder seeking to buy the steel company, people said. Lenders to the steelmaker, admitted by tribunal in October 2021, are hoping to receive at least about 40% of their dues, one of the persons said.

The resolution professional, Ajay Joshi, received four expressions of interest last week of which Am Mining India Private Limited, an affiliate of ArcelorMittal India is one of the applicants, people said. Others include Jindal Steel & Power, MetroGlobal Limited (Metro Global Pvt Ltd.) and Khandwala Finstock Pvt Ltd, they said. The RP declined to comment.

JSPL and ArcelorMittal did not respond to a request for comment. Metro Global and Kandwala Finstock could not be reached for comments.