Tata Steel and the Ruias themselves have put in bids for debt-laden Essar Steel after the company was put up for sale under the Insolvency and Bankruptcy Code (IBC). Sajjan Jindal-led JSW Steel, aggressive in bidding for Monnet Ispats and Bhushan Steels businesses, is said to have skipped submitting a resolution plan for Essar Steel.
The IBC allows promoters to bid for their company. In a number of other cases as well, promoters have been showing an interest in their own companies, said a person aware of the proceedings.
The promoter is not obligated to pay all the money upfront and can pay a portion of the total. The Essar promoters plan to raise funds from other investors …
Read the full article at: http://www.business-standard.com/article/companies/tatas-ruias-submit-bids-for-essar-steel-117102400059_1.html
