After six months of painstaking insolvency proceedings and due diligences, the beleaguered Essar Steel received just two bids last week, from ArcelorMittal and Numetal Mauritius. And now it looks as though the tug-of-war between steel king LN Mittal and the Ruias may end up seeing no winner because the legal and financial consultants advising the interim resolution professional (RP) overseeing sale of the beleaguered company have reportedly recommended the rejection of both bids.
According to sources privy to the development, the advisors have pointed out that both bids are in violation of last year’s amendment of the Insolvency and Bankruptcy Code (IBC), which prevents promoters of defaulting companies from bidding for stressed assets u…
Read the full article at: https://www.businesstoday.in/current/corporate/will-steel-king-ln-mittal-ruias-both-lose-tug-of-war-over-essar-steel/story/271133.html
