ArcelorMittal emerged as the sole-bidder for Essar Group firm, EPC Constructions India Ltd, with a bid of ₹500 crore against outstanding loans of ₹7,268 crore, said two bankers aware of the bid. The first banker, requesting anonymity, said that the company has also promised to bring some equity into EPC Constructions if they win the bid, but lenders were not happy with the offer and want more cash upfront. A discount of above 90% is not acceptable to them. This is the second Essar Group company, after Essar Steel, that ArcelorMittal is eager to buy. The second banker, also requesting anonymity, said that the proposal will be discussed by the committee of creditors (CoC), but most banks feel if the bid was not revised, the company might have to head for liquidation. He added that their proposal to bring in equity is not attractive because it will still lead to a meagre recovery for the lenders. Mumbai-based executive education tech startup Eruditus may raise $40 million (Rs 278.7 crore at current exchange rate) in a Series C funding, two people in the know told Mint. The platform, owned by Eruditus Learning Solutions Pte. Ltd, is in advanced negotiations with venture firm Sequoia Capital India to lead the round, the people said. In July, VCCircle reported Eruditus had raised Rs 16 crore ($2.3 million) in venture debt from InnoVen Capital. InnoVen is the venture debt arm of Singapore state investment firm Temasek. In April 2017, Eruditus had raised Rs 53 crore ($8.2 million) in a Series B round from Bertelsmann India. Separately, an insolvency plea against power transmission company EMC Ltd has been admitted by the National Company Law Tribunal (NCLT), two people in the know told. The firm has defaulted on payments to banks and other creditors worth ₹6,500 crore. Operational creditors had filed the petition. The financial creditors of EMC are led by the State Bank of India. NCLT has appointed an interim bankruptcy resolution professional.