MUMBAI: Essar Steel promoters Shashi and Ravi Ruia are working toward setting up a consortium to bid for the company that’s in the midst of bankruptcy proceedings at the National Company Law Tribunal (NCLT), said several people aware of the matter.
However, the move is expected to come under scrutiny as a recent amendment to the Insolvency and Bankruptcy Code (IBC) is aimed at preventing promoters of such companies from regaining control unless they settle their dues first. One of the persons said Essar’s comeback bid will be in compliance with the rules.
The Ruias are expected to join forces with Russian bank VTB and Hong Kong-based special situations fund SSG Capital. Some Essar Group employees are likely to be part of th…
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