Tribunal rejects Ruias' â¹54,000-cr settlement bid for Essar Steel
The National Company Law Tribunal has rejected the settlement offer made by Essar Steel's promoters, the Ruia family, to regain control of the company. Ruias made a â¹54,389-crore offer on the day the Committee of Creditors approved ArcelorMittal's â¹42,000-crore resolution plan. ArcelorMittal welcomed the ruling and said it protects the integrity of the Insolvency and Bankruptcy Code (IBC).