After a series of legal twists and turns, ArcelorMittal has been selected as the highest bidder for bankrupt Essar Steel, following its decision to pay back outstanding dues. The Lakshmi Mittal company on Friday said that it has been selected as the "preferred bidder" by the committee of creditors (CoC) of Essar Steel. Essar Steel was one of the first twelve companies identified for immediate resolution under the Insolvency and Bankruptcy Code (IBC). It has outstanding dues of Rs 49,000 crore. The race for the bankrupt yet prized company zeroed down just to ArcelorMittal and Vedanta after VTB-backed Numetal failed to clear its dues within the Supreme Court mandated 2-week extension. ArcelorMittal pipped Vedanta's offer by nearly Rs 2,000 crore. ArcelorMittal had offered Rs 35,000 crore upfront to lenders and committed to infusing another Rs 8,000 crore into the company, while Vendata's offer included Rs 35,000 crore upfront and infusion of Rs 5,000 crore, and another Rs 1,000 crore in three years. Also Read -\u00a0Essar Steel becomes IBC test case: A timeline of twists and turns in race between ArcelorMittal, Numetal ArcelorMittal made its way back in the race after agreeing\u00a0to pay Rs 7,469 crore to clear overdue debts of\u00a0Uttam Galva and KSS Petron just a day before the top court's deadline ended. On October 4, the apex court declared bids submitted by both ArcelorMittal and Numetal ineligible under Section 29A of the IBC; however gave them two weeks time to clear their dues. Also Read-\u00a0India gets 1st Bitcoin ATM! Unocoin launches cryptocurrency ATM in this city; here\u2019s how it will work The SC\u00a0had observed that there was a \u201clooming presence\u201d of Rewant Ruia, the son of Essar Steel\u2019s owner Ravi Ruia, in Numetal\u00a0even as his stakes were bought by VTB.