Practice of promoters to bid in bankruptcy or insolvency cases is prevalent in developing countries
Mumbai, October 25:
As insolvency proceedings at some of 12 stressed accounts identified by the RBI earlier this year are moving forward, key question that has emerged is whether promoters of these companies are better placed to get back control in the bidding process.
Earlier this week, several steel industry majors have submitted their interest for a resolution plan for debt-ridden Essar Steel Ltd, a part of Essar Group, to the appointed insolvency resolution professional (IRP).
The company’s promoters, Ruias, have also emerged as one of the bidders.
Essar Group has submitted EoI for Essar Steel and a resolution plan wi…
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