Ray of hope for Ruias in Essar Steel bankruptcy; NCLAT says will make room if they pay dues


Ray of hope for Ruias in Essar Steel bankruptcy; NCLAT says will make room if they pay dues

The National Company Law Appellate Tribunal (NCLAT) on Thursday directed promoters of Essar Steel to pay their dues, as per the orders of the Supreme Court, saying it would then “make room for” them.

The Ruias owe lenders an estimated Rs 80,000-85,000 crore at the group level, their counsel told the NCLAT bench. The Ruias had made an offer to pay Rs 54,389 crore but their offer came after the creditors had approved ArcelorMittal’s resolution proposal.

The Ruias had approached the Ahmedabad bench of the NCLT ( National Company Law Tribunal) but the tribunal in its March 8 order had approved ArcelorMittal’s Rs 42,000-crore bid for Essar Steel. Read More

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