The National Company Law Tribunal on Tuesday rejected the settlement offer put forth by the promoters of Essar Steel Limited, saying the proposal violated a section of the Insolvency and Bankruptcy Code, Reuters reported.
The Ruia family made the offer on the day the Committee of Creditors approved ArcelorMittals resolution plan for the insolvent Essar Steel. The companys debts amount to around Rs 49,000 crore. It is one of the first 12 companies referred by the Reserve Bank of India to be listed under the Insolvency and Bankruptcy Code in June 2017.
In October last year, steel manufacturing company ArcelorMittal said it had won a bid to acquire Essar Steel for more than Rs 42,000 crore. ArcelorMittal is owned by NRI billionaire…
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