A battle for control of one of Indias largest industrial assets is moving into the courtroom after bids for Essar Steel from both ArcelorMittal and a Russian-controlled investment vehicle were declared ineligible under Indias tough new bankruptcy code.
Essar Steel was forced into insolvency proceedings last August after falling behind on debt repayments.
It is the most high-profile case to be dealt with under Indias new insolvency system, which came into force in 2016 after complaints about founding families clinging on to failing businesses while forcing losses on banks.
After other big groups such as Tata Steel de…
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