Essar Steel, once the flagship company of Ravi Ruia and Shashi Ruias Essar Group, has become a test case for Indias new bankruptcy code. In a span of less than a year, the insolvency proceedings against the company have witnessed a court case, a change in law, and, two keen bidders ArcelorMittal and Numetal Ltd.
Essar Steel was one of the dozen companies that the Reserve bank of India had initiated bankruptcy proceedings against, last year, which were then challenged by the distressed company.
The Ruias, however, lost their plea against halting the insolvency proceedings in August, but the promoter family of the Essar Group started to chalk up plans to bid for the company.
At the time, they were allowed to do so. Owners of bankrupt c…
Read the full article at: http://www.fortuneindia.com/macro/who-will-buy-essar-steel/101619
