The deadline for submitting bids for the beleaguered Essar Steel, put up for sale under Insolvency and Bankruptcy Code (IBC), ends today and it’s reportedly looking like a tug of war between the Ruias and L.N. Mittal, though Tata Steel is also expected to enter the fray.
Yes, the government has amended the Insolvency and Bankruptcy Code (IBC) to prevent promoters of defaulting companies to bid for stressed assets. Yes, Essar Steel, with over Rs 43,000 crore of debt on its books, was among the initial 12 companies identified by the RBI for insolvency proceedings and was controlled by siblings Shashi and Ravi Ruia. And yes, ArcelorMittal was a shareholder in Uttam Galva, which was taken to the National Company Law Tribunal in April last ye…
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