to terms like people acting in concert and corporate veil and said the ibc provides wider scope of interpretation of these terms dealing with the delay the counsel for the coc said the code provided that insolvency proceedings should be decided in 270 days from the commencement and urged the court that the time consumed by nclt and nclat in dealing with petitions and interim applications be excluded from the statutory time limit the purpose behind having national company law tribunal nclt and the national company law appellate tribunal nclat was not to pass interim orders and intervene at every stage he said earlier in the day senior advocate mukul rohatgi appearing for numetal concluded his submisisons and said the two brothers of l n mittal pramod and vinod mittal have been associated with firms which were declared nonperforming assets npas he said that just the severance of family relations should be evaluated on the ground of people acting in concert and pramod mittal was involved in two debtridden npa companies including ispat he said jsw was taken in by numetal for its experience in operating and maintaining large steel plants and this would help in running esssar steel this was done keeping in mind that the controlling shareholder vtb bank of russia did not have the experience of running a steel plant he added rohatgi said the involvement of essar in numetal at the initial stage was in line with the prevailing provisions under ibc code and rewant ruia had exited after the introduction of 29 a barring promoters of a defaulting company from participation senior lawyer mihir thakur also representing numetal said the vtb group actively traded debt and equity securities as well as commodities and derivatives for both domestic and international clients the advancing of arguments would continue tomorrow earlier numetal had told the apex court that contrary to claims a consortium of banks led by sbi had written to the l n mittal group company to pay the dues of debtridden uttam galva arcelormittal had said that numetal was not eligible to bid for essar steel on several grounds including that it was a shell company created by a firm in which essar group promoters had majority shares nclat had ruled that numetals second bid for essar steel was eligible but the same by arcelormittal will qualify only if it cleared the rs 7000 crore dues of the two firms it was previously associated with sjk aba mnl rks arc